Starwood Capital and Artisan Ventures have surrendered a 1.6 million-square-foot office complex in El Segundo due to nearly $500 million in debt, marking significant financial distress.
Buyers Beacon Capital Partners and 3Edgewood acquired a majority stake in $484.8 million of unpaid debt on the asset, converting it into equity through a deed-in-lieu agreement.
The property is set for a major repositioning aimed at achieving best-in-class standards, with an emphasis on enhancing activation, amenities, and connectivity of the campus.
Starwood's financial troubles are compounded as they also lost a neighboring 257,000-square-foot office complex, showing a pattern of significant losses over recent months.
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