June 8, 2016
West L.A.-based Brightforward LLC acquired 550 Continental, a 96,210-square-foot office asset in El Segundo, CA from Los Angeles-based Colony Capital Inc. for $30.5 million. The three-story complex is 97% leased, with Time Warner Cable as the main tenant.
Newmark Grubb Knight Frank’s investment’s Kevin Shannon represented the seller along with Ken White and Mike Moore, CBRE’s Senior Vice President Bill Bloodgood and Senior Vice President Dave Smith. Newmark’s David Ghermezian represented the private family buyer, as part of a 1031 exchange.
Shannon says, “It gave the buyer comfort that, if Time Warner ever left, they’d be able to get upside rents.”
550 Continental is located in one of the Westside’s hottest markets. Last month, Intercontinental Real Estate Corp. completed a record-breaking transaction, acquiring the Apollo at Rosecrans campus for $328 million.