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GI Partners sells Calif. office complex to Swift Real Estate Partners fund

Private equity and real estate investment firm GI Partners sold a three-building office complex in El Segundo, Calif., to Swift Real Estate Partners' value-add office assets fund, IPE Real Assets reported.

The sale price was not disclosed, although the publication noted that GI Partners bought the 550,000-square-foot property for $112.5 million in 2013.

Swift plans to reposition the property into a multitenant creative campus, with roughly 100,000 square feet of space expected to become available for leasing in 2019, an investment manager at the vertically integrated real estate investment firm told IPE.

Swift Real Estate Partners Fund II's regional investment strategy is to acquire value-add office properties on the U.S. West Coast, according to the publication.