Cardinal Real Estate Investments has purchased Continental Park in El Segundo for $31 million.
Sandstone Properties sold the 55,000-square-foot building at 2221 Park Place. The building will be expanded by 35,000 square feet.
Coworking giant WeWork Cos. Inc. has signed a lease to open its second El Segundo outpost in the building. It will occupy all 90,000 square feet after the expansion has been completed.
Newmark Knight Frank’s Geoff Ludwig and Eric Lastition represented the buyer. Madison Partners’ Bob Safai, Matt Case and Brad Schlaak represented the seller.
The sale had been in the works for nearly a year.
“It was an off-market sale at a pretty high price for Sandstone, that was attractive for them,” Ludwig said. “Cardinal had the tenant in tow and that gave them the ability to pay a little premium for the building and still make it pencil.”
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- El Segundo Office Tower Sells for $138.5M
- WeWork Opening New 116K SF Space in Santa Monica
- WeWork Signs 78K SF Downtown Lease
- El Segundo Office Tower Sells for $139M
- WeWork to Open First Location in Beverly Hills
- BottleKeeper Signs New Lease in El Segundo
- WeWork Announces Two New Locations
- Advisory Firm Nova Capital Off to Strong Start