Newmark Capital Markets has announced the $39 million sale of INSITE, a new two-building office campus built on the site of a former Raytheon research facility, located at 2030 Maple in El Segundo.
Newmark Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Director Ken White, Senior Managing Directors Mike Moll and Rob Hannan, and Managing Director Laura Stumm represented the seller, Steelwave in the transaction. The buyer, Atlas Capital Group, was self-represented.
“El Segundo is now attracting capital and yield metrics that are comparable to the most desirable West Los Angeles submarkets. It is truly a lower Westside market,” said Shannon.
2030 Maple Avenue, now branded as INSITE, is an adaptive reuse of a 101,874-square-foot former Raytheon facility. Steelwave, in a joint venture with Goldman Sachs, acquired the site in 2015 and conducted extensive improvements to maintain the “industrial feel” but convert the facility into a two-building creative office campus. Enhancements include a new façade, roof, mezzanine space, landscape and hardscape, as well as a creative interior buildout. The site also includes indoor and outdoor collaborative areas.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.