Jim Kasim Of AVG Partners Acquires Office Building From Russ Allegrette For $121.5M In El Segundo

The office building located at 777 South Aviation Boulevard in El Segundo was sold for $121.5 million, reflecting a price per square foot of $405. The asset encompasses a total area of 300,000 square feet and has been recognized for its architectural design by Craig Ellwood.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $121,500,000
• Buyer: Jim Kasim - AVG Partners; Majestic Asset Management
• Seller: Russ Allegrette - Ocean West Capital Partners; Lionstone Investments
• Financing: $114 million in SunTrust financing
• Lease: 154,000 square feet, 15-year long-term FAA lease
• Market: El Segundo
• Previous Sale Price: $170 million in 2019
• Office Vacancy Rate: 26.4% in Q3

Jim Kasim represents AVG Partners, while Majestic Asset Management is involved in the transaction alongside him. The sellers, Russ Allegrette, Ocean West Capital Partners, and Lionstone Investments, managed to execute this deal despite the high office vacancy rate in the region, indicating ongoing challenges within the market.