LOS ANGELES-Real estate investment firms Invesco Real Estate and SSV Properties have teamed up to purchase Park Place office complex in El Segundo's Continental Park for an undisclosed price. With four buildings, the large campus has 540,000 square feet of office space.

"Invesco is thrilled about teaming up with SSV Properties on this exciting opportunity to create the type of collaborative workspace sought by the most progressive tenants in the market, both creative and more traditional," says Peter Cassiano, Invesco Real Estate director of acquisitions.

Three of the four buildings will undergo an extensive remodel, estimated at $75 million. The renovation will create a cohesive feel across the campus with similar materials, landscaping and signage on the exterior. The interior space will be designed for creative office use with open floors plans to encourage collaboration. Architecture firms Shubin + Donaldson and Steven Erhlich will lead the renovation of the three buildings. Construction of the building at 2121 Park Place begins in two weeks with 800 Apollo beginning in the fall and 2175 Park Place commencing in 2014.

“We are very appreciative of Continental Development Corp. and the trust they have invested in us to execute this renovation to further enhance the overall vibrant Rosecrans Corridor market that Continental Development has created over the decades,” says David Jordon, SSV Properties president.

Murad Inc. has already inked a deal to lease a 45,000-square-foot space at 2121 Park Place for its corporate headquarters. It will be the building's lead tenant. The fourth building, at 2120 Park Place, is 100% leased by Wells Fargo and Pardee Homes and will not be part of the renovation.

Continental Park, the location of the four-building campus, is an 86-acre, master-planned business park with close proximity to retail and entertainment that makes it attractive to tenants. Although this purchase price was undisclosed, last year, GlobeSt.com reported exclusively the sale of 2100 Park Place for $24.7 million by California Community Foundation.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Development
Los Angeles
National
Office