LAX Submarket Reaches New High
Cushman & Wakefield assisted with the sale of Airport Spectrum, a 500,000-square-foot office campus located at the Gateway to LAX. Marc Renard, Manfred Schaub and Chris Sinfield, with the firm’s Capital Markets Group, acted on behalf of the seller Decron Properties Corp. The asset was acquired by Sunny Hills Management Company Inc. for $61.25 million.
Built in 1980, the office campus has been under Decron’s ownership since 2000. After investing more than $6 million in capital improvements, Decron managed to raise the asset’s occupancy from 30 to 75 percent.
“Our goal was to reposition this asset and introduce a true Class A office environment for businesses that needed to operate adjacent to LAX,” David Nagel, CEO of Decron Properties Corp., said. “Airport Spectrum is now a leading office building in the submarket, consistently outperforming its peers on all levels.”