Bixby Land Divests Former Raytheon Building for $49M

Newport Beach-based Bixby Land Company has reportedly sold 2101 El Segundo, a five-story creative office building to Bolour Associates for $49 million. The sale sets a new high water mark for the El Segundo market, at $431 per square foot.

Bixby purchased the vacant, former single-tenant (Raytheon) building in 2013 in a venture with Cornerstone Real Estate Advisers, and invested approximately $25 million to reposition the asset. The fully-leased property is now home to a mix of professional and creative tenants, including Sanrio (Hello Kitty), Exponential Interactive, Cove Street Capital, AMA Consulting Engineers, Specialty’s Café & Bakery and Peet’s Coffee.

Bob Safai of Madison Partners represented the buyer, Bolour Associates of Beverly Hills in the transaction, while Kevin Shannon and Ken White, previously with CBRE, represented the seller in this deal. CBRE’s Bill Bloodgood and Madison Partners’ Tony Ranger and Joe King spearheaded leasing efforts at the property.