Sandstone Capital has sold an El Segundo to a private investor for $31 million due to WeWork’s decision to lease the entire property.
A WeWork spokeswoman said that the lease at the 55,000 square foot vacant building was signed this week and the company plans on moving to the property after a renovation in 2020. The renovation will add an additional 35,000 square feet to the building.
This news follows WeWork’s already large presence in the South Bay and El Segundo, where the company is in the process of occupying all 100,000 square feet of a Pacific Coast Highway property.
“We opened our first location in El Segundo at the end of last year, due to the city’s incredible amount of development, and since have experienced a huge wave of demand,” said Kley Sippel, the general manager for WeWork in Southern California. “Signing a lease at 2221 Park Place was an easy decision to make, especially with its proximity to the train allowing our members easy access to our location.”