Kevin Shannon of the South Bay office of Grubb & Ellis saysthe new owner plans to occupy part of the building, use part of itfor storage, and lease out the rest. LAX acquired the property fromNew York-based Los Angeles Property, which owned it forapproximately 20 years. The new owner has not yet moved into thefacility, which the Grubb & Ellis brokers described asappealing to the buyer because of its location near the Los AngelesInternational Airport.

The eight-story reinforced concrete building, which was built in1965, originally was a single-tenant building and then later houseda number of tenants who were subleasing space. The last of thesublease tenants moved out about six months ago. Shannon, ChrisSinfield, Jake Hurtado, Mike Moore and Scott Schumacher, all ofGrubb & Ellis' South Bay office, represented the buyer and theseller.