According to a report by Los Angeles Business First, Mattel has purchased an office building near its headquarters in El Segundo, expanding its presence in the South Bay area. The three-story creative office property at 2160 E. Grand Ave., previously owned by New York Life Insurance after foreclosure, was sold to Mattel for $59 million.
In their recent earnings report, the toy company announced plans to renovate and utilize the new building for part of their North American and international businesses. This will replace a leased facility that currently supports global design and development activities.
The property known as Grand + Nash spans 168,000 square feet and was acquired by lender New York Life through a deed-in-lieu of foreclosure from SteelWave and Barings late last year. These companies had unpaid debt totaling $53 million after acquiring the property in late 2019.
This expansion marks another step forward for Mattel’s growing presence in El Segundo’s business community.
