Swift Real Estate Partners has acquired the Flyte complex in El Segundo, California for its value-add office assets fund.
Swift Real Estate Partners Fund II bought the 550,000sqft, three-building office campus from GI Partners for an undisclosed sum. GI Partners acquired the property for $112.5m (€95m) in 2013.
Kelsey Stuart, an investment manager at Swift, said: “In 2019, around 100,000sqft of space in the project will become available for lease up.”
Stuart said Swift will re-position the campus into a multi-tenant creative campus and begin work immediately upon close.
“We have seen this region strengthen from a demand and rental rate perspective over the past couple of years and look forward to buying more properties in Los Angeles going forward, “ said Stuart.
Fund II completed a $409m capital raise on the fund in June 2016. The fund manager has a regional investment strategy of buying value-add office assets on the West Coast.
