Though Lowe Enterprises won't identify its client, localbrokerage sources tell GlobeSt.com that the buyer is thePennsylvania State Employees' Retirement System. Known as GrandAvenue Courtyard, the 12-story building stands at 1960 E. GrandAve. in El Segundo.

The building is about 95% leased to tenants that include Saatchi& Saatchi's Team One Advertising group, computer chipmakerIntel Corp. and financial services giant Charles Schwab & Co.The acquisition team was led by Rick Newman, SVP of LoweEnterprises' Commercial Group.

Newman tells GlobeSt.com that Lowe's Commercial Group will alsohelp the pension fund build three- or four-story, 90,000-sf officebuilding on the adjoining parcel. "We will begin marketing tobuild-to-suit tenants or tenants who would prelease a portion ofthe development in the first quarter of next year, and we hope tobreak ground by next fall," Newman says.