Dealmaker: New York Life Real Estate Investors Originates $70M
New York Life Real Estate Investors originated financing for the acquisition and repositioning of 2160 Grand, a 164,000-square-foot (post-renovation), three-story office building in El Segundo, Calif.
SteelWave, San Francisco, purchased the property. Newmark Knight Frank’s Shannon Team represented seller Griffin Capital Essential Asset REIT. NKF Capital Markets Vice Chairman David Milestone placed the debt on this transaction.
Developed as a build-to-suit property in 1999, the building’s T-shape layout allows floorplates to be demised for multiple tenants, along with the capability to serve larger space users. SteelWave plans to repositioning the asset.
“Post-renovation, the building will be well positioned to offer tenants state of the art Class A creative finishes and amenities with large floorplates and high ceilings,” said James Nearon, Director of New York Life Real Estate Investors’ Structured Lending Group.
Griffin Capital Essential Asset REIT CEO Michael Escalante said the El Segundo office submarket has benefited from “outsized” tenant demand in the city’s Lower Westside markets, “drawing to El Segundo a larger and more diverse tenant base than had historically been interested in the location, resulting in material growth in both office rental rates and institutional capital investment.”