In the market for a government building?
Mar Ventures is looking to sell a 33,000-square-foot office property at 1776 East Grand Avenue in El Segundo, which is fully leased to the U.S. General Services Administration, for $37.5 million.
The building, which sits on 4.23 acres, was developed in 2009 as a custom built space for the GSA. The GSA has eight more years remaining on its lease. The Los Angeles Military Entrance Processing Station operates the site.
Ken Hedrick, Sam Alison, Jerry Hopkins, Andrew Ragsdale and Scott Briggs of Stan Johnson Company are marketing the property on behalf of the seller.
El Segundo has thrived in recent years as an overflow office market for creative tenants because of its proximity to Silicon Beach, and comparatively cheap rents. According to a recent Transwestern report, El Segundo saw the lowest vacancy in the South Bay in the first quarter of 2016. — Cathaleen Chen