Newmark Capital Markets has announced the $35.5 million sale of 898 Sepulveda, an eight-story 89,000-square-foot office property that is 98 percent leased and a six-level parking structure leased to Central Parking in El Segundo, a city within the South Bay submarket of Los Angeles. This was an off-market transaction.
Newmark Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White and Managing Director Michael Moore represented the seller, TA Associates. The buyer, a joint venture of Stanton Road Capital and Second City was self-represented. Newmark Capital Markets Executive Managing Director David Milestone arranged the financing on behalf of the buyer.
“El Segundo is a very strong office market that continues to see capital acquire and renovate older properties to attract tenants looking for creative space,” said Shannon. “As further testimony to this trend, the buyer is planning to make needed improvements to the asset and ultimately stabilize the building at market rents for updated product. Additionally, the buyer plans to extend the parking garage’s master lease for a longer term and more durable cash flow.”
Built in 1979 and renovated in 2000, the property is situated on 3.4 acres at 898 Sepulveda Blvd. The property provides easy access to the 105 and 405 freeways, The nearby Beach Cities of El Segundo, Manhattan Beach, and Hermosa Beach offer one of the premier live/work environments in all of Los Angeles. The South Bay is the corporate headquarters location for Mattel, Honda USA, Epson, Cetera and DIRECTV.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark 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 www.bgcpartners.com.