Mattel Expands Playground With $59M Purchase
Toy giant Mattel has expanded its metro Los Angeles office footprint with the acquisition of 2160 Grand, a 167,767-square-foot office building in El Segundo, Calif. The property traded for $59.2 million, according to public records. The seller was New York Life Real Estate Investors.
The asset previously changed hands in November 2019, when SteelWave and Barings acquired it from Peakstone Realty Trust for $63.5 million, CommercialEdge data shows.
In 2020, the duo took out a $69.6 million loan from New York Life Real Estate Investors. The lender foreclosed on the property last December, when the venture still had about $53.1 million in unpaid debt, public records show.
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The three-story creative office property, also known as Grand + Nash, came online in 1999 and underwent renovations in 2022, according to The Registry. The building features floorplates averaging 52,350 square feet, modernized lounge with a cafe, espresso bar, seating and meeting area, as well as a fitness center.
The facility also has modern communal spaces and rooftop decks on the second and third floors. Additionally, the property has room to build and create standing sets.
Located on more than 6 acres at 2160 E. Grand Ave., the building is close to the Los Angeles International Airport and less than 18 miles from downtown Los Angeles. The property is also within walking distance from Mattel’s global headquarters at 2031 E. Mariposa Ave.
L.A. office deals are picking up
Metro Los Angeles registered $287 million in office sales year-to-date as of June, according to the latest CommercialEdge office report. Assets traded for an average of $362 per square foot, more than double the $172 national figure. The market’s vacancy rate during the same month was 17 percent, 350 basis points higher year-over-year.
However, transactions are picking up. Last month, The Mateen Brothers have bought the mixed-use Wilshire Rodeo Plaza from Nuveen for $211 million, in the largest property deal in Beverly Hills, Calif., since 2019.
Other recent notable deals include Worthe Real Estate Group, QuadReal Property Group and Stockbridge Capital Group’s acquisition of The Burbank Studios for $375 million. The venture repurchased the asset from Warner Bros. Discovery.
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