San Francisco-based investor SteelWave has acquired a new construction creative office campus in Downtown Los Angeles, known as The Switchyard, for $80 million. CEG Construction developed the property over the last two decades, and it was vacant at the time of the sale.

The Switchyard is a two-building low-rise office asset totaling 150,000 square feet. The newest addition to the property was built in 2019 and totals 100,000 square feet. The second building was built in 2012, totaling just over 50,000 square feet. Both buildings include onsite parking. Mike Condon Jr., Steve Marcussen, Erica Finck and Bailey Dawson with Cushman & Wakefield represented both buyer and seller in the deal.

SteelWave plans to invest additional capital into the property to upgrade the exterior, upgrade the onsite amenities, which include outdoor seating, enhanced landscaping and upgraded lobbies, and it will improve the signage and asset branding.