Atlas Capital spends $39M on former Raytheon property in El Segundo

The seller repurposed the building into a two-building office campus

TRD LOS ANGELES /
Aug.August 02, 2018 05:00 PM
(Credit: Commercial Cafe)

UPDATED, August 3, 12:20 p.m.: Atlas Capital Group is touching down in El Segundo.

The New York-based real estate investment firm has paid $39 million to acquire a new office campus built on a former Raytheon research facility in the South Bay city, The Real Deal has learned. The deal closed July 23, a representative from the firm confirmed.

SteelWave and Goldman Sachs, the sellers, recently completed a renovation of the property, located at 2030 E. Maple Avenue. The joint venture acquired the facility for an undisclosed amount in February 2016, property records show.

The two-building office campus, named INSITE, spans nearly 102,000 square feet. Amenities at the HLW-designed site include a fitness facility, basketball court, bicycle storage, and “bean bag toss,” according to its website.

Mike Condon Jr., Kelli Snyder, Brianna Demus and Erica Finck of Cushman & Wakefield brokered the deal. They’ll also serve as leasing agents for the space, in conjunction with Tom Sheets, Chris Sinfield and Quint Carroll, also from CushWake.

Atlas owns about a half-dozen properties in Downtown Los Angeles, and a handful of others around the greater L.A. area, including a number of development sites. It developed ROW DTLA on Alameda Street near 7th Street over the last few years and has signed a number of trendy tenants there, including Adidas, Boston-based streetwear brand Bodega, and Spaces, Regus’ coworking brand.

The firm is one of several out-of-towners investing in the booming El Segundo market, which abuts the Los Angeles International Airport. The city’s attractive corporate tax rates and relatively low rents has been attracting a slew of media and tech companies in recent years, which in turn has driven investment into the area.

Within the last 12 months, there have been three trades over $115 million in the city, according to a TRD analysis of closed sales. Starwood Capital’s $606 million purchase of the Pacific Corporate Towers, a sprawling 1.6 million-square-foot commercial campus, was the priciest deal in El Segundo, and second-highest in Los Angeles County. Other big trades include Swift Realty Partners’ $167 million buy of the AirFlyte campus, and Deutsche Asset Wealth Management’s $117 million purchase of Campus 2100.


Related Articles

arrow_forward_ios
Rob Speyer and 555 Aviation (Getty, Tishman Speyer)

Tishman Speyer refis big El Segundo creative office

Tishman Speyer refis big El Segundo creative office
Boston Properties CEO Owen D. Thomas and the project site (Credit: Google Maps)

Boston Properties invests in El Segundo media campus project

Boston Properties invests in El Segundo media campus project
1960 Grand

Starwood, Artisan pay $127M for El Segundo building

Starwood, Artisan pay $127M for El Segundo building
Atlas Capital bought the Los Angeles Times’ massive printing plant from a Harridge Capital partnership (Credit: iStock and the Los Angeles Times)

Atlas Capital pays $240M for LA Times’ printing plant in Downtown

Atlas Capital pays $240M for LA Times’ printing plant in Downtown
Soon-Shiong beside his latest El Segundo buy

Patrick Soon-Shiong makes another landgrab in El Segundo

Patrick Soon-Shiong makes another landgrab in El Segundo
From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Graymark, Nuveen pay $97M for El Segundo creative office
2201 Rosecrans Ave in El Segundo

Continental snags $55M refi on El Segundo office portfolio

Continental snags $55M refi on El Segundo office portfolio
GPI Companies founders Cliff Goldstein and Drew Planting; Angelo Gordon & Company CEO Michael Gordon; and 2031 E. Mariposa Avenue

With plenty of dry powder, GPI Cos. buys El Segundo manufacturing complex

With plenty of dry powder, GPI Cos. buys El Segundo manufacturing complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...