NEW YORK--(BUSINESS WIRE)--An account managed by BlackRock Real Assets has closed on the sale of PCT, a 1.6 million square foot, Class A, multi-tenant office property and parking structure located in El Segundo, CA, to an institutional investor.
“PCT is a unique office property that we have positioned to take advantage of the continued growth of the El Segundo market with recent improvements to the campus and amenity base. BlackRock continues to target high-quality assets in major markets in an effort to deliver attractive risk-adjusted returns to our clients,” said John Lamb, Head of US Real Estate Investment Management for BlackRock Real Assets.
PCT is located on Sepulveda Boulevard between Grand Avenue and El Segundo Boulevard, featuring 1.6 million square feet of Class A office space in three towers, a 4,900 stall structured parking garage, and extensive onsite amenities including campus-wide Wi-Fi, multiple dining options, creative outdoor work spaces and meeting areas, gym and sports court, and conference and lounge rooms.
Roy March, Steve Silk, Jay Borzi and Stephen Somer of Eastdil Secured represented BlackRock on the transaction.
About BlackRock Real Assets
BlackRock Real Assets provides clients access to a distinct range of outcome-orientated real asset investment strategies – including infrastructure, real estate and renewable power – spanning the entire risk / return spectrum. Clients benefit from BlackRock’s global reach and local on-the-ground expertise, as well as the firm’s market-leading risk management, technology and analytics capabilities. As of June 30, 2017, BlackRock Real Assets managed nearly $40 billion in invested and committed client assets, supported by more than 350 professionals across 25 offices in 15 countries.
