El Segundo Values Continue to Grow

The property is 97% occupied.

LOS ANGELES—El Segundo values are on the rise. Colony Capital has sold 550 Continental in El Segundo, a 97,445-square-foot office building because of the strong market fundamentals, and saw incredible demand for the sale of the asset. Brightforward LLC purchased the property for $30.5 million.

“There is always strong competition in El Segundo these days, which is a blossoming lower Westside market,” Kevin Shannon, president of the West Coast capital markets group at Newmark Grubb Knight Frank, tells GlobeSt.com. “El Segundo has benefitted from a rapid rise in rents in West LA. It’s a coastal market with no gross receipts tax and an increasing supply of creative office product.” Shannon represented the seller in the transaction, along with his capital markets group colleagues Ken White and Mike Moore, as well as CBRE SVP Bill Bloodgood and SVP Dave Smith. NGKF managing director David Ghermezian represented the buyer.