Newmark Capital Markets has announced the sale of Redondo Beach Business Court for $36.7 million. The 124,400-square-foot office building and separate day care facility is located at 3701 Doolittle Drive in Redondo Beach. It is located within the Redondo Beach Business Court adjacent to Northrop Grumman’s Space Park campus.
Newmark Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White and Managing Director Michael Moore along with Senior Managing Directors Eric Adams, Chris Strickfaden and Eric Lastition represented the seller Gramercy Property Trust in the transaction to the buyer Miramar Capital.
The property had less than two years remaining on the lease term for its tenant Northrop Grumman. “While there is substantial likelihood that Northrop Grumman would remain in place for the long term, the Redondo Beach/El Segundo submarket is so strong, should they not renew, ownership will have the opportunity to add value by converting the property into a creative office campus,” said Shannon.
Built in 1986, 3701 Doolittle is a two-story office building located in a low-rise campus environment. It provides efficient floor plates, continuous glass line and abundant surface parking. The property is in close proximity to El Segundo’s Main Street retail areas, with more than 3 million people living within 20 minutes of Redondo Beach Business Court.
“The West Los Angeles office market is a 58 percent rent premium over the El Segundo/Beach cities submarket and more than 93 percent higher when comparing the El Segundo/Beach cities submarket directly to Santa Monica. El Segundo has attracted more than 1.5 million square feet of tenant activity from West Los Angeles in the past decade and this trend will continue,” Shannon added.
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; Newmark Capital Markets services, including investment sales, debt placement, valuation and advisory 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.
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.