An El Segundo office tower located at 101 Continental Blvd. has sold for $138.5 million, Newmark Knight Frank announced May 1.

The 340,000-square-foot building, called 101 Continental, was purchased by TA Realty. Newmark Knight Frank’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller, VEREIT Inc. TA Realty was self-represented.

VEREIT purchased the property in 2014 for $98 million. At the time it was 100 percent leased to Northrop Grumman, which has since decided to vacate the building, prompting the company to sell the property as a redevelopment opportunity for a buyer, according to Newmark Knight Frank.

“The marketing process for 101 Continental was highly competitive and a reflection of the abundance of value-add capital and the scarcity of value-add investment opportunities in gateway West Coast markets,” Shannon said in a statement.

The building was developed by Continental Airlines in 1972 and upgraded in 2008.

Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans