An office building in El Segundo has sold for $170 million, brokerage Madison Partners Inc. announced June 24.
A joint venture between Ocean West Capital Partners and Lionstone Investments purchased the roughly 318,000-square-foot building at 777 Aviation Blvd. from Westbrook Partners and Embarcadero Capital Partners.
Madison Partners’ Bob Safai, Matt Case and Brad Schlaak represented both parties in the transaction.
Madison Partners also secured more than $114 million in financing, which came from SunTrust Bank.
It is the third time Madison Partners has sold the building. In addition to offices, it has a three-story atrium, a fitness center, conference rooms and a cafe.
"It had recently undergone a major, complete renovation. ... It's effectively a brand-new building," Case said.
The current owners bought the property as a vacant building and spent two years renovating it. It's now 72% leased. "There's not much to do other than lease up the remaining 28%," Case said.
He added that Westbrook Partners and Embarcadero Capital Partners bought the building as a value-add property that they intended to hold for five years. They'd planned to put it on the market this fall but decided instead to accept an off-market offer.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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