NGKF Capital Markets has completed the $30.5-million sale of 550 Continental, a 97,445-square-foot, high-quality three-story office building located in El Segundo, CA. The property is 97 percent occupied. Media giant Time Warner Cable, a tenant since 1991, occupies 70 percent of the building.
550 Continental was purchased by Brightforward LLC from seller Colony Capital. The buyer was represented by NGKF Senior Managing Director David Ghermezian and the seller was represented by the NGKF Capital Markets team comprising Kevin Shannon, Ken White and Mike Moore.
“The beach cities of El Segundo, Manhattan Beach and Hermosa Beach have become one of LA’s premier live and work environments. This property provides a strong repositioning strategy to substantially increase cash flow by converting the building into creative office space, making it a strong investment opportunity,” said Shannon.
The property is a professional garden-style office environment with continuous glass line, and efficient floor plates with traditional bay depths. 550 Continental also provides close proximity to retail and dining along with excellent access to the Century (105) and San Diego (405) freeways.
“El Segundo is benefitting from the strengthening West Los Angeles market. To that end, El Segundo has attracted more than 1.5 million square feet from West Los Angeles in the past decade and currently over 200,000 square feet of additional tenants are actively negotiating in the market,” Shannon added.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.