The building stands at on a 10-acre parcel at 2545 W. 190th St. The privately held Mar Canyon Gersten LLC acquired the holding from high-tech giant Honeywell International Inc.
The remodeling project will include the installation of new windows and skylights as well as state-of-the-art communications and mechanical systems. Completion is expected in the second quarter 2002.
Mar Canyon Gersten has hired Withee Malcom Architects of Torrance to oversee design of the project. LA-based Swinerton Builders is the general contractor.
Stephen Cramer and Mike Condon, brokers in the South Bay office of Colliers Seeley International, represented buyer and seller in the transaction. Honeywell will lease 70,000 sf of the converted office space, Cramer says, leaving 165,000 sf available for other tenants.
The purchase provides another boost to LA's South Bay submarket, which is showing signs of recovering from a slow third quarter. Earlier this month, GlobeSt.com reported that an affiliate of Boston-based pension-fund adviser State Street Research paid more than $100 million for the Port Los Angeles Distribution Center, a 1.8-million-sf industrial project a few blocks away from the parcel acquired by Mar Canyon.
"Torrance is a city with a steady demand for office space from a number of industry sectors,"says Cramer. "The market is holding at a 6.7% vacancy rate for class A office space, making it one of the most healthy markets in the South Bay.
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