SteelWave has acquired The Switchyard for $80 million from in CEG Construction. The two-building 150,450-square-foot office campus is located in the Arts District in Downtown Los Angeles, located at 500 and 540 S. Santa Fe Avenue. It was developed over the last decade by the seller, and was vacant at the time of the sale.

The sale reflects changing office sentiment in Los Angeles, according to Mike Condon Jr., vice chairman at Cushman & Wakefield, who calls the sale a “pivotal moment for enthusiasm” and a sign of the market’s recovery. Condon brokered the deal along with Steve Marcussen, Erica Finck, and Bailey Dawson. Cushman & Wakefield’s Pete Collins, Brittany Winn, Scott Menkus, and Alexa Delahooke also worked on the deal, handling leasing, while Rob Rubano, Brian Share, Joseph Lieske, Ernesto Sanchez, Keith Padien, and Greg Napper secured financing on behalf of the buyer.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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