REBusinessOnline

New York Life Originates $69.9M Acquisition, Repositioning Loan for Office Building in California

EL SEGUNDO, CALIF. — New York Life Real Estate Investors has originated financing for the acquisition and repositioning of 2160 Grand, a three-story office building in El Segundo.

Originally developed as a built-to-suit project in 1999, the building’s T-shaped layout allows floorplates to be divided for multiple tenants, along with the capability to serve larger space users. The buyer plans to reposition the property into a 164,000-square-foot, campus-like facility with a variety of amenities, including private roof decks, a fitness center, tenant lounge and outdoor courtyard.

David Milestone of Newmark Knight Frank Capital Markets placed the debt on the transaction.

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