August 13, 2021 9:00 AM
Newmark (“Newmark Knight Frank”) announces it has completed the off-market sale of 2221 Park Place, a 90,000-square-foot two-story creative office asset in the heart of El Segundo, California for $70 million, approximately $778 per square foot for the shell building. The property is currently vacant as construction was recently completed, and the buyer intends to occupy.
Newmark’s Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Geoff Ludwig, Eric Lastition and Ken White represented the seller, 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures. The buyer was represented by Matthew Lux of Beta.
“This is a hard to find jewel box building in the highly desirable Continental Development Park in the Rosecrans Corridor pocket,” said Shannon. “Light rail adjacency and superb amenity access were considered very attractive to the buyer.”
The building totals approximately 90,000 square feet of flexible office space within an adaptive reuse warehouse building. The creatively inspired greenhouse workspace features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper level patios and contemporary technology for health and efficiency. The property is within walking distance to a variety of restaurants and gyms as well as entertainment and retail options. The LA Metro’s Green Line connects 2221 Park Place directly with the greater Los Angeles area, from LAX to Pasadena.
With a recovery on the horizon, occupiers are progressively returning to the office. El Segundo remains a bright spot in the Los Angeles’ office market with major office developments occurring within the submarket and year-over-year increase in average asking rates. The South Bay vacancy rate hovered at 21.2% with an average asking rent of $3.10, according to Newmark Research’s latest quarterly report.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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