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Lowe, Pension Fund Wade into LA's South Bay

LOS ANGELES--Lowe Enterprises represents East Coast retirement fund in $50-million office purchase in El Segundo. The pair will build an additional 90,000 sf on an adjacent parcel.

By Erin Cassin & David W. Myers | Updated on December 07, 2000

LOS ANGELES-In one of the largest sales in the hot South Bay market this year, a pension fund advised by Brentwood-based Lowe Enterprises Investment Management Inc. has paid more than $50 million for a 246,000-sf office building and an adjacent site where the pair plans to build another 90,000 sf.

Though Lowe Enterprises won’t identify its client, local brokerage sources tell GlobeSt.com that the buyer is the Pennsylvania State Employees’ Retirement System. Known as Grand Avenue Courtyard, the 12-story building stands at 1960 E. Grand Ave. in El Segundo.

The building is about 95% leased to tenants that include Saatchi & Saatchi’s Team One Advertising group, computer chipmaker Intel Corp. and financial services giant Charles Schwab & Co. The acquisition team was led by Rick Newman, SVP of Lowe Enterprises’ Commercial Group.

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