Montana Avenue Capital Partners, the Santa Monica-based real estate company, has sold The Station in El Segundo for $31 million -- or $580 per square foot -- only a year after purchasing the office property for $11.3 million. Montana Avenue spent that time repositioning the 53,778-square-foot building at 2201 E. El Segundo Boulevard with several outdoor workspaces, in addition to having a Metro station at the creative office building, prompting the property rebrand to The Station. The building was sold to AGI Properties, which was looking for an exchange buy after selling a Costco in Torrance; JLL represented Montana Avenue Capital Partners in the transaction.
"This is highest price per square foot for an investment building that is over 25,000 square feet," Steve Solomon, managing director at JLL, told GlobeSt.com. "This passes the last highest comp in the market by about 80%." Solomon went on to tell Bisnow that AGI Properties was attracted to the building for its stable tenant: L'Oréal, which recently signed an 11-year lease for the entire building with move-in expected in Q4. "Timing is always key in all real estate deals," Solomon said. "Certain parts of El Segundo are actually as in much demand as Manhattan Beach."
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