August 29, 2022 9:00 AM
Newmark announces it has arranged the $27.3 million sale of 621 Hawaii Street, a two-story, 49,307-square-foot creative office building in El Segundo, California.
Newmark Private Capital Group’s Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, in partnership with Executive Managing Director Geoff Ludwig, represented the seller, Montana Avenue Capital Partners, LLC. The buyer was BLT Enterprises.
621 Hawaii was 100% leased to Nexon America, Inc. at the time of sale. The property serves as the North American headquarters for Nexon Co., Ltd, the parent company, which is South Korea’s largest video game developer and publicly traded in Japan.
“The South Bay, and El Segundo in particular, continues to be where many LA investors want to invest post-COVID,” said Fulp. “More so, the tenant’s credit and industry along with the building’s low-rise profile and creative interior buildout generated very strong interest in 621 Hawaii.”
621 Hawaii is ideally positioned between the Raytheon and Northrup Grumman Campuses in the heart of El Segundo’s aerospace and defense industry. The property is adjacent to the Los Angeles Metro Green Line and the Douglas Street Station, providing access to LAX at Aviation Station, Manhattan Beach Pier, The Forum, LA Southwest College and Earvin Magic Johnson Recreation Area.
“BLT Enterprises has invested in El Segundo for over 20 years and is thrilled to add this highly functional building to its three-million-square-foot Southern California portfolio of industrial, creative industrial and creative office projects,” said Robert Solomon, Chief Development & Legal Officer at BLT Enterprises.
In recent years, over two million square feet of projects have been renovated, are under construction, or are planned for adaptive reuse to meet the needs of innovation-focused companies in the El Segundo market, according to Newmark Research.
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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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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