A pair of El Segundo office conversions sell in eight-figure deals

The two separate transactions totaled $122 million

2221 Park Place (Cardinal Investments)
2221 Park Place (Cardinal Investments)

A pair of office buildings in El Segundo traded hands in separate eight-figure transactions.

Hyundai Motor America purchased a 90,000-square-foot property at 2221 Park Place for $70 million, according to the Los Angeles Business Journal. The South Korea-based carmaker bought the property from a partnership of Platform Ventures and Cardinal Investments.

Cardinal Investments bought the property in the first quarter of 2019 for $31 million and undertook a renovation and expansion, after which WeWork was set to move in.

The other transaction was the $52 million sale of 601 N. Nash Street on the city’s north end.

Excelsior Partners sold the 52,000-square-foot property to a family office in an off-market sale. The buyer plans to occupy the property.

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El Segundo has experienced an influx of developers and investors looking to capitalize on the city’s appeal to office tenants over Silicon Beach’s pricier markets.

The city has an attractive business tax scheme and plenty of aging industrial buildings ripe for office conversions.

Beyond Meat, Belkin, and L’Oreal have all signed large leases this year for recently converted office properties in the city.

[LABJ] — Dennis Lynch