Invesco Real Estate and SSV Properties (formerly known as Second Street Ventures) announced the acquisition of the Park Place office complex, located within prestigious Continental Park in El Segundo, CA. The four-building campus consists of 2120/2121/2175 Park Place and 800 Apollo, totaling 540,000 square feet of office space. The 2120 Park Place building is fully leased to tenants including Wells Fargo and Pardee Homes. The other three buildings will undergo an extensive renovation program to provide new, state-of-the-art creative office space. Ample parking for tenants will be provided in the 2145 Park Place garage, also included in the acquisition. The purchase price was not disclosed.
The renovation program, estimated at more than $75 million, will showcase two outstanding architecture firms, providing different design ethos while utilizing similar materials, landscape and signage to create a unified feel across the campus. Shubin+Donaldson will design the 2121 building with construction commencing in two weeks, and Steven Erhlich Architects will design the 800 building with construction commencing this fall. 2175 Park Place will follow with construction commencing in 2014.
Murad Inc. will be the lead tenant at 2121 Park Place, committing to 45,000 square feet on a new long term lease. "The tenant wants its corporate headquarters to reflect a more open, collaborative working environment, which these buildings are ideally suited to provide given their large flexible floor plates and high ceilings," stated Jack Spound, a principal of SSV.
Continental Park, owned by Continental Development Corporation, is a 3 million square foot mixed-use park with a premier location in the South Bay market of Southern California. The park combines the best of premium office space with adjacent first class retail, entertainment, recreation and residential amenities surrounded by Manhattan Beach and El Segundo communities.
"We are excited about the partnership with Invesco, and the unique opportunity to create a dynamic campus environment for this segment of the office market along the highly-amenitized Rosecrans Corridor," said President David Jordon of Second Street Ventures. "We are also very appreciative of Continental Development Corporation and the trust they have invested in us to execute this renovation, to further enhance the overall vibrant Rosecrans Corridor market that Continental Development has created over the decades."
"Invesco is thrilled about teaming up with SSV on this exciting opportunity to create the type of collaborative workspace sought by the most progressive tenants in the market, both creative and more traditional," said Peter Cassiano, Director of Acquisitions , Invesco Real Estate.
John Bertram of Studley represented the buyer and CBRE represented the seller in the transaction.