The off-market sale of 2221 Park Place, a 90,000-square-foot two-story creative office asset in El Segundo, recently netted $70 million or approximately $778 per square foot for the shell building. The recently completed property is currently vacant and the undisclosed buyer intends to occupy the building.

Newmark’s Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White represented the seller, 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures.

“This is a hard-to-find jewel box building in the highly desirable Continental Development Park in the Rosecrans Corridor pocket,” said Shannon. “Light rail adjacency and superb amenity access were considered very attractive to the buyer.”

The building totals approximately 90,000 square feet of flexible office space within an adaptive reuse warehouse building. The greenhouse workspace features a retractable rooftop, integrated landscaping, flexible layout throughout, and outdoor and upper-level patios. The LA Metro’s Green Line connects 2221 Park Place directly with the Greater Los Angeles area from LAX to Pasadena.