Exciting news from the bustling Los Angeles office market! In a testament to the resilience and optimism of owner-users, a family investment group has recently acquired a prime El Segundo office property. The 17,000-square-foot creative office building in Smoky Hollow, sold by CenterCal Properties, was snapped up by the Gorowitz Family Trust for $9.2 million, a remarkable $523 per square foot.

CenterCal converted the 1955-era building at 1600 Franklin Avenue from industrial space to creative office space in 2011.

This transaction highlights a significant trend: owner-users are leading the charge in the LA office market. Despite market hesitations and reduced transaction volumes post-pandemic, owner-users and private buyers are shining brightly, driving nearly half of the city's office deal activity.

This year alone, notable deals include:

• Mattel's purchase of a 164,400-square-foot office building for $59.2 million.
• NantBio's acquisition of a 535-unit structure for $191 million.

While the overall office market faces challenges, these deals showcase the strategic moves by owner-users to secure prime properties. As the market evolves, such investments underscore the potential for growth and opportunity in Los Angeles.

Are you ready to explore the possibilities? Contact us today to capitalize on the thriving owner-user market!

Frank: (310) 503-4158 Viktorie: (424) 301-0075