San Francisco-based Swift Real Estate Partners has purchased a 549,000-square-foot three-building office campus at 2200, 2222 and 2230 E. Imperial Highway in El Segundo for $170 million, an unidentified industry source said.
The properties are 100 percent leased to AT&T Inc. subsidiary DirecTV and Raytheon Co. and were first developed in 1976. DirecTV houses part of its global headquarters there. The buildings are adjacent to the 105 freeway and can be seen from Los Angeles International Airport.
The seller, GI Partners, a San Francisco-based investment firm, bought the properties in 2013. Swift plans to significantly renovate the campus, according to CBRE Group Inc., which declined to discuss the sale price.
CBRE’s Todd Tydlaska, Sean Sullivan and Mike Longo represented GI Partners on behalf of an investment vehicle. Mike Walker, Brad Zampa and Megan Woodring of CBRE procured Swift’s financing from a lender investing on behalf of an international insurance company, CBRE said in a statement. Steve Solomon and Kristen Bowman of Jones Lang LaSalle Inc. represented GI in the sale.
“The sale marks the culmination of a multi-year repositioning effort, inclusive of extensive architectural planning and over 237,000 square feet of new leasing that positioned it well for sale to a wide range of investors,” said David Boehle, vice president of GI Partners, in a statement.
Swift’s two previous Los Angeles County purchases in the last 18 months both occurred in North Hollywood. Last year, the firm purchased 4640 Lankershim Blvd. for $23.5 million or about $313 per square foot, according to CoStar Group Inc. In October 2016, Swift purchased a three-parcel portfolio at 5200 Lankershim Blvd., 11135 Magnolia Blvd. and 11115 McCormick St. for $61.6 million or about $187 per square foot, CoStar Group said.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.
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