An office building in El Segundo that last traded hands in 2020 has sold again – this time to biotech holding company NantWorks. According to public property records, an entity that shares an address with the company acquired the asset for $25 million, or about $294 per square foot, from Montana Avenue Capital Partners.
The office asset is located at 1940 East Mariposa Ave. and spans approximately 85,000 square feet. The property is situated just south of the Los Angeles International Airport and near both Interstates 405 and 105.
“Redesigned by renowned architecture firm Ware Malcomb, this 85,000 square foot property is one of the few standalone office spaces of its size and serves as a unique home for tenants across all industries,” a leasing brochure for the property from Colliers states.
Montana Avenue Capital Partners facilitated the sale at a 5 percent discount from its 2020 purchase price of $26.4 million. Montana Avenue Capital Partners is a real estate investment, management and development firm based in Los Angeles. According to its website, the firm has approximately 32 million square feet of leased real estate and a transaction volume valued at approximately $2 billion.
Montana Avenue Capital Partners has been active in the Greater Los Angeles area in recent months. The firm recently sold a 127,140 square foot office and industrial asset in Burbank for $37 million, or about $291 per square foot. The property is located at 2777 North Ontario St.
NantWorks has demonstrated a consistent investment strategy in El Segundo and Redondo Beach, with this acquisition marking its fifth in the area over the past six years. Founded by Dr. Patrick Soon-Shiong, NantWorks is the parent company of various private and public entities focusing on health and life sciences, energy and renewables, and connectivity and communications, according to its website.
