California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
UCLA Acquires Siemens-Leased El Segundo Offices
Newmark arranged the $55-million sale of 5210 Pacific Concourse, a Class A office building in El Segundo, to The Regents of the University of California. Co-head of U.S. capital markets Kevin Shannon, vice chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll, executive managing director Bill Bloodgood and director Hayden Clegg represented the seller, Karney Properties.
The 169,791-square foot building includes a partial lab build-out and was 43% leased to Siemens through October 2024. UCLA Health, which is governed by The Regents of the University of California, intends to fully occupy the building upon expiration of Siemens’ lease.
“The sale of 5210 Pacific Concourse to UCLA is a win-win for buyer and seller,” said Shannon. “The building provides UCLA with great life science bones – a steel frame, low-rise construction building with lab improvements on an oversized 9.2-acre site that provides long term optionality.”
