According to a report by Los Angeles Business First, Mattel has purchased an office building near its headquarters in El Segundo’s South Bay area. The three-story creative office property, located at 2160 E. Grand Ave., was previously foreclosed and owned by New York Life Insurance before being sold to Mattel for $59 million.
In their recent earnings report, the toy company announced plans to expand into the newly acquired building after completing interior renovations. This move will allow them to consolidate part of their North American and international businesses currently housed in a leased facility on Continental Blvd.
The property, known as Grand + Nash and spanning 168,000 square feet, was foreclosed late last year and then acquired through a deed-in-lieu of foreclosure by lender New York Life from SteelWave and Barings who held $53 million in unpaid debt. These two companies had originally purchased the property back in late 2019.
This expansion marks another step forward for Mattel as they continue to grow their presence within El Segundo’s business community.
