LOS ANGELES-Broadreach Capital Partners LLC has sold a 157,000-square-foot office building in El Segundo, which serves as the North American corporate headquarters for BT Infonet, to Walnut Creek, CA-based GLL Properties Inc. The class-A building changed hands for $51.2 million, according to Broadreach managing director David Simon.
Broadreach acquired the three-story building located at 2160 E. Grand Ave. along with the neighboring 122,000-square-foot four-story Grand Avenue Corporate Center from British Telecom in separate transactions in 2005 and 2006 when the telecom giant was divesting itself of non-core assets and monetizing its corporate real estate holdings.
Simon says that “We were able to provide BT with a viable solution to some of its complex corporate real estate issues during their period of reorganization and it proved to be a profitable investment for Broadreach.”
As part of the sale leaseback transaction struck in 2006, BT Infonet, the voice and data networking services a subsidiary of British Telecom, will continue to lease the entire building through 2021.
The BT Infonet headquarters building was one of the first of a new generation of high technology buildings when it was built in 2000 featuring redundant back-up systems; raised access flooring to contain more than 200 miles of cable; energy efficient underfloor HVAC air distribution; and plug and play modular power and telephone systems.
Broadreach was represented in the transaction by Eastdill Secured. GLL Properties is the US subsidiary of GLL Partners.