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Swift Real Estate Partners’ El Segundo office buy comes out to $170M
Swift purchased a three-building office complex with $150M in financing from ACORE Capital
Swift Real Estate Partners paid $170 million for its recent office complex acquisition in El Segundo.
The Los Angeles Business Journal reported the price — which remains officially undisclosed — citing sources.
The San Francisco investor purchased the three-building office complex at 2200-2230 E. Imperial Highway from a joint venture of GI Partners and CalPERS last week, securing a $150 million acquisition loan from ACORE Capital.
The 550,000-square-foot campus is fully leased to tenants including Raytheon, AT&T, and DirecTV.
Swift will use some of the loan to renovate the property. GI and CalPERS bought the complex in 2013 for $112.5 million from Hines as part of a larger portfolio deal that included the 31-story One Wilshire office tower Downtown.
The complex neighbors the Los Angeles Times’ new home at 2300 E. Imperial Highway, where new owner Dr. Patrick Soon-Shiong wants to “create the most modern newsroom.”.
El Segundo’s staple has long been industrial and traditional office real estate, but city officials made some moves recently to pivot toward a younger creative crowd. In late April it revealed a new specific plan to attract tech and creative tenants to Smoky Hollow, a neighborhood packed with an aging stock of industrial properties ripe for adaptive reuse.
Developers are also adding housing to its limited stock. [LABJ] — Dennis Lynch