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Barker Pacific Acquires Full Control of Xerox Centre
LA-based Barker Pacific Group (BPG) has acquired full control of the 11-acre parcel under the former Xerox Centre, a 330k sf office building in El Segundo. With full ownership of the site and the building, BPG will move forward with a $30 mil renovation plan later this year to bring the property up to today’s Class A standards. Barker Pacific Group represented itself in the all cash transaction.
Richard Keating of Pasadena-based Keating Khang Architecture will be the lead designer for the renovation. The building, which is located east of the 405 Fwy at the corner of El Segundo and Continental Blvds, will now be called by its street address, 101 Continental Blvd.
“With full control of 101 Continental Boulevard we can invest in implementing a comprehensive renovation plan to upgrade the public areas and tenant spaces to first class standards throughout the building as space becomes vacant through lease expirations. The plan will attract new tenants at higher lease rates, which continue to rise in this marketplace, and make our investment returns more attractive,” said Michael Barker, Managing Director of BPG. “El Segundo is a major office market with a number of large corporate space users and is very attractive to key employers seeking close proximity to LAX.”
The 15-story mid-rise building is strategically located in the middle of the El Segundo office market and adjacent to the Los Angeles International Airport commercial district. Constructed in 1972, the building has been occupied since 1983 by Xerox Corporation, which continues to inhabit some of the building’s space. BPG initially acquired a 50 percent stake of the building in 2003 and the remaining 50 percent in 2005.
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