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California  + Los Angeles  + Office  | 

The Sale of The Switchyard is a Pivotal Moment for Recovery

The Switchyard, a 150,451-square-foot class-A creative office campus, recently sold in the Arts District of Los Angeles. San Francisco-based SteelWave acquired the two-building campus developed recently in two phases in the past decade from Los Angeles-based CEG Construction for $80 million. The buildings were vacant at the time of sale.

Mike Condon Jr., Steve Marcussen, Erica Finck and Bailey Dawson with Cushman & Wakefield represented both buyer and seller in the investment transaction. The firm’s Pete Collins, Brittany Winn, Scott Menkus and Alexa Delahooke also provided market leasing advisory, while Rob Rubano, Brian Share, Joseph Lieske, Ernesto Sanchez, Keith Padien and Greg Napper assisted the buyer with financing.

“The headlines for the past year for the future of office have been somewhat bleak, but the sale of The Switchyard is a pivotal moment for enthusiasm and a sign that the recovery is in fact here, as evidenced by the amount of institutional investor interest in the portfolio. This closing dispels many of the unfounded fears that office investment would not return at the quickened pace we are seeing,” said Condon.

The Switchyard consists of two adjacent low-rise class-A office buildings centrally located in the Arts District at 500 and 540 S. Santa Fe Ave. near the Los Angeles River and 4th Street bridge. Constructed in 2019, the 500 property consists of a newly constructed creative office building totaling approximately 100,000 square feet in five stories, and that also offers ground-floor retail opportunities. The building also features a penthouse with an open deck area.

SteelWave intends to institute a capital program that will elevate the building’s exterior and make transformative improvements to on-site amenities.

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Mike Condon

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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