CT Realty Begins $8 Mil Redevelopment Project

NEWPORT BEACH, CA-CT Realty, the locally based real estate development and investment firm, has begun construction on an $8 million redevelopment project in El Segundo.

The property housed a 41-year-old office and warehouse complex when it was purchased from Eaton Corp. for $4 million earlier this year. CT has razed the majority of the buildings, which encompassed 56,500 sf.

The new complex, known as Hawaii 601, will encompass 50,000 sf of class A office, creative, assembly or R&D space designed to attract entertainment, office and high tech tenants. The shell of the original main building will be incorporated into the new structure, which will be located at 601 Hawaii St. CT will upgrade the building with new mechanical, electrical and communications systems. Extensive landscaping, an outdoor seating area and a basketball court will also be added. The project is slated for a year-end completion.

San Clemente-based Carter Group Architects Inc. is the project’s architect and Costa Mesa-based Hedley Construction and Management Inc. is the general contractor. Craig Meyer and Steven Solomon of Colliers Seeley’s Santa Monica office are the leasing agents for the property.