SteelWave and Barings have handed the keys back for a 164K SF office campus in El Segundo that the partners bought in 2019 for about $64M and then borrowed about $70M to renovate.
The three-story creative office building, known as Grand + Nash, located at 2160 East Grand Avenue near Los Angeles International Airport, will now go to New York Life after SteelWave and Barings signed a deed in lieu of foreclosure, according to a report in CoStar.
The venture had about $53M in unpaid debt on Grand + Nash, which was renovated in 2022 to add a modern lounge with a café, a gym and indoor-outdoor meeting areas. The entire building currently is available for lease, the report said.
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