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After $300M Infusion From Pension Fund, GPI Snaps Up Mattel's Design Office

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Industrial creative office building at 2031 East Mariposa Ave. in El Segundo
Industrial creative office building at 2031 East Mariposa Ave. in El Segundo

After receiving $300M from an undisclosed pension fund, GPI Cos. has made its first post-investment property acquisition. 

The West Los Angeles-based developer and investment manager has purchased a 200K SF industrial-style creative office in El Segundo for $84M. CBRE's Michael Longo represented the seller.

GPI acquired the property at 2031 East Mariposa Ave. from Agnl Toys L.P., according to commercial real estate data site Reonomy. A business search of Agnl Toys found that it is an affiliate of New York City investment manager Angelo Gordon. Agnl purchased the property from Kilroy Realty for $45M in 2011, according to Reonomy property records. 

GPI Managing Principal Drew Planting said his company was drawn to the El Segundo location and the extensive renovations the property has completed.

"Excellent location and on 10 acres of land," Planting wrote in an email to Bisnow. "The building is well improved for research and development or creative facility. It has excellent base architecture. Lots of optionality if tenant should ever leave."

Built in 1954, the building was originally used as a manufacturing facility for aircraft fabrication. Today, the building houses the research and design headquarters of toy manufacturing company Mattel

Planting told Bisnow that El Segundo is the best submarket in the South Bay, with an emerging tech and bio presence and attractive pricing relative to nearby Santa Monica, West Los Angeles and Inglewood.