Newmark Arranges Sale of Creative Office Campus in El Segundo for Nearly $60 Million

August 7, 2024 9:00 AM

Newmark[1] announces it has completed the sale of Grand + Nash, a newly renovated 167,767-square-foot creative office campus at 2160 E. Grand Ave. in El Segundo, California. The asset sold for $59.2 million.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll, Executive Managing Director and Agency Market Leader Bill Bloodgood, Executive Managing Directors Geoff Ludwig and Eric Lastition, Senior Managing Director Eric Adams, Managing Director Alex Bergeson and Associate Aly Polo represented the seller, New York Life Real Estate Investors. The buyer was Mattel, a multinational toy manufacturing and entertainment company, which maintains its global headquarters in El Segundo adjacent to the property.

“New York Life Real Estate Investors took control of Grand + Nash, one of El Segundo’s top office properties, with a clear vision to enhance its value through strategic leasing,” said Bloodgood. “Throughout the marketing process, we attracted multiple interested buyers. After an extended negotiation, we were able to achieve a fantastic result for New York Life to exit the project well in advance of expectations.”

“This owner-user sale is yet another example of corporate tenants fixing their long-term office occupancy costs by taking advantage of attractive sector pricing at massive discounts to replacement cost,” said Shannon.

Grand + Nash is a three-story creative office building which features a new 6,500-square-foot tenant amenity and experience center, a café and espresso bar, a state-of-the-art gym, 8,500 square feet of outdoor space, modern communal spaces and spacious rooftop decks for second- and third-floor tenants. The property is minutes away from Los Angeles International Airport and close to numerous mass transit options, as well as El Segundo restaurants and retailers.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to bluechip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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