Starwood, Artisan pay $127M for El Segundo building

Seller Brookfield bought 1960 East Grand Ave. in 2017 for $67M

Los Angeles /
Feb.February 20, 2020 04:40 PM
1960 Grand
1960 East Grand Avenue, now owned by Starwood Capital Group and Artisan Realty Advisors, who have been very active in El Segundo

A partnership between Starwood Capital Group and Artisan Realty Advisors paid $127 million to purchase an El Segundo office building from an entity associated with Brookfield Asset Management, The Real Deal has learned.

The deal netted a tidy profit for Brookfield, which bought the 12-story, 260,000-square foot office building at 1960 East Grand Avenue in 2017 for about $67 million through Brookfield Premier Real Estate Partners, according to CompStak. Tenants at the property include Target.

JLL’s Andrew Harper and Tom Bohlinger brokered the deal along with Bill Bloodgood of Newmark Knight Frank, who confirmed the transaction to TRD. Starwood and Artisan were represented in-house, Bloodgood said.

The price pencils out to about $488 per square foot. The sale marks another major El Segundo buy by the Starwood-Artisan duo, with the partners paying $606 million in 2017 for the 1.6 million-square-foot Pacific Corporate Towers at 100 S. Sepulveda Blvd. from BlackRock and General Motors Pension Trust. That same year, Starwood, headquarted in Miami Beach, Florida, and Artisan, headquartered in Santa Monica, also paid DivCo West $174 million for a tower at the intersection at Continental Blvd. and Grand Ave.

“El Segundo is an extremely favorable business climate,” Bloodgood said. “There is executive housing nearby in Manhattan and Hermosa Beach, and there’s no gross receipt tax for businesses.”

El Segundo also surrounds LAX: The 1960 East Grand Ave. property is a two-mile drive from the airport.


Related Articles

arrow_forward_ios
Rivian CEO RJ Scaringe and 401 Coral Circle (Getty, Hackman)
EV carmaker Rivian powers into El Segundo office
EV carmaker Rivian powers into El Segundo office
Patrick Soon-Shiong and the office building (Getty, LoopNet)
Buyer revealed: Patrick Soon-Shiong’s NantWorks acquires El Segundo office
Buyer revealed: Patrick Soon-Shiong’s NantWorks acquires El Segundo office
2221 Park Place (Cardinal Investments)
A pair of El Segundo office conversions sell in eight-figure deals
A pair of El Segundo office conversions sell in eight-figure deals
Griffin Capital CEO Kevin A. Shields with a rendering of the project. (Griffin)
Griffin Capital plans major creative office complex in El Segundo
Griffin Capital plans major creative office complex in El Segundo
L’Oréal CEO Stéphane Rinderknech and Hackman Capital CEO Michael Hackman with a rendering of the project (888 Douglas)
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Patrick Soon-Shiong and 444 N. Nash Street (Getty, Google Maps)
Patrick Soon-Shiang’s Nantworks, Serverfarm buy El Segundo data center
Patrick Soon-Shiang’s Nantworks, Serverfarm buy El Segundo data center
A rendering of 555 Aviation Boulevard with Belkin CEO Chet Pipkin and Tishman Speyer CEO Rob Speyer (Lake Tahoe Community College, 555 Aviation and Getty)
Electronics giant Belkin inks deal for new HQ
Electronics giant Belkin inks deal for new HQ
Beyond Meat founder and CEO Ethan Brown, Hackamn Capital Partner's Michael Hackman and renderings of 888 Douglas. (Beyond Meat, Hackman, 888 Douglas)
Beyond Meat inks 280K sf lease at Hackman’s 888 Douglas
Beyond Meat inks 280K sf lease at Hackman’s 888 Douglas
arrow_forward_ios

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

Loading...