CWK - Cushman & Wakefield brokers $80M sale of office campus in LA

Cushman & Wakefield ([[CWK]] +0.1%) has brokered the sale of The Switchyard, a 150,450-square-foot Class A creative office campus located in the Arts District of Los Angeles, California. San Francisco-based SteelWave acquired the two-building campus developed recently in two phases over the past decade from Los Angeles-based CEG Construction for $80M. “The sale of The Switchyard is a pivotal moment for enthusiasm and a sign that the recovery of office is in fact here as evidenced by the amount of institutional investor interest in the portfolio. This closing dispels some of the fears that office investment would not return at the quickened pace we are seeing,” said Condon, Vice Chairman.Also read: 'Cushman & Wakefield secures $62M construction loan for Arizona multifamily community'

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Cushman & Wakefield brokers $80M sale of office campus in LA