Newmark Negotiates $70M Sale of Creative Office Building in El Segundo, California
EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot.
The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency.
Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.