Newmark facilitated the successful $55 million sale of 5210 Pacific Concourse, a top-tier office building in El Segundo. The buyer, The Regents of the University of California, was represented by a team including co-heads Kevin Shannon and Ken White, vice chairmen Rob Hannan and Laura Stumm, executive managing director Bill Bloodgood and director Hayden Clegg. The seller was Karney Properties.
The property spans 169,791 square feet and features partial lab space. At the time of sale it was leased to Siemens until October 2024 at a rate of 43%. However, upon expiration of this lease UCLA Health – under control by The Regents – plans to fully occupy the building.
According to Shannon: “This transaction is mutually beneficial for both parties involved. For UCLA Health specifically though it offers exceptional potential as an ideal life science facility with its low-rise construction on an expansive site measuring over nine acres.”
