Nuveen Real Estate has teamed with Graymark Capital to pay $97.15 million for the 200,967-square-foot 101 PCH office building at 101 N. Sepulveda Blvd. in El Segundo, Calif.
The seller is a joint venture between AEW Capital Management and North Sea Capital Advisors.
The asset is 91 percent leased to four tenants, with Infineon, a semiconductor manufacturer, occupying 67 percent of the property for its U.S. headquarters, and web hosting company DTI Services occupying 20 percent.
Over the past three years, the seller invested nearly $20 million in capital improvements for a major renovation of 101 PCH, transforming the three-story building into creative office.
“AEW and North Sea Capital Advisors executed a tremendous repositioning of 101 PCH in El Segundo, one of Los Angeles’ hottest markets,” said Kevin Shannon, co-head of U.S. capital markets at Newmark Knight Frank, which marketed the asset on behalf of the seller. “Rents in this market have acc
