$40M Takes 121,000 SF in Off-Market Sale

EL SEGUNDO, CA-Transwestern Investment Co. has sold the 121,100-sf Grand Avenue Executive Center at 2151 E. Grand Ave. for just under $40 million in an off-market deal almost exactly a year after buying the class A office property for about $29 million in another off-market transaction. Steven Solomon, managing director at Jones Lang LaSalle who represented the seller, reports that the buyer this time was Karl Storz Endoscopy-America Inc., which was represented by Mike Catalano of Studley.

Solomon comments that the sale of the property only a year after the previous deal “speaks to how strong the El Segundo submarket remains for class A assets.”The four-story office project is located in El Segundo’s Superblock area and is directly adjacent to the Toyota Training Facility, home to the Lakers basketball team, the Kings hockey team and the Los Angeles Sparks of the WNBA.

The L.A. Lakers Corp. has been headquartered at the property since 2004 and will remain in the building under terms of a recently renewed lease that expanded the Lakers from 6,000 sf to 12,000 sf. Solomon represented both parties in that expansion, which was signed earlier this year.

The Grand Avenue Executive Center, designed by the architectural firm Nadel + Associates, features a two-story entrance clad in black granite with each floor providing floor-to-ceiling views. Built in 2001 it is situated at the northwest corner of Grand Avenue and Nash in a business neighborhood that is home to a host of class A office buildings that house major corporations such as Boeing, Oracle, Mattel and Teledyne. Among the selling points of the office properties in the area are the nearby amenities, which include a variety of upscale hotels, shopping and restaurants located along the Rosecrans retail corridor, all within walking distance from the Grand Avenue building.