Bisnow just learned that AEW North America has spent $51.6M on the 198k SF building at 101 N Sepulveda in surging El Segundo. The developer plans to completely transform the three-story structure into creative office space. Colliers EVP Geoff Ludwig (here with sons Ashton and Cruz) repped AEW and seller Menlo Equities, and tells us two-thirds of the building is occupied by International Rectifier Corp, a tech manufacturer, giving AEW access to begin work on about 70k SF for now. The company's lease is through 2019. Colliers EVP Eric Lastition also repped both sides in the off-market deal.
The two have been doing the leasing on the property for years, through several different owners, and Geoff says they simply approached Menlo Equities and asked if they'd consider selling. Plans for the repositioning are scant, as the office sale just closed Friday. Geoff and Eric will remain listing brokers at the site under AEW.
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