Brookfield Properties Sells Los Angeles Office Building
- Feb 24, 2020
An institutional investor has purchased 1960 Grand, a 260,000-square-foot office building in El Segundo, Calif. According to Yardi Matrix data, the seller is Brookfield Properties.
The company acquired the Class A asset in 2017 for $67 million from TA Realty, in a $854.5 million portfolio transaction comprising 60 properties across 15 markets. JLL represented the seller and procured the buyer in the current deal.
The 5.4-acre property at 1960 E. Grand Ave. encompasses the existing 12-story building and a vacant site suitable for developing up to 94,000 square feet of creative office or hotel space. Built in 1987, the property features 21,500-square-foot floorplates, a fitness deck, communal outdoor workspace and plaza. Designed by Gensler & Associates, 1960 Grand is currently 79 percent leased.
Situated in El Segundo’s Super Block, 1960 Grand is about 20 miles southwest of downtown Los Angeles. The property is easily accessible through public transportation, with its location just two blocks east of the Metro Green Line station. 1960 Grand is also within walking distance of a 151,300-square-foot office building that traded for $63.5 million in November.
JLL Managing Directors Tom Bohlinger and Andrew Harper, together with Director Will Poulsen, led the Capital Markets team assisting the seller in the transaction. Harper was also involved in the $193 million sale of a 516,890-square-foot office portfolio in Pasadena, Calif.