Mattel will expand its footprint in Los Angeles’ South Bay after buying a previously foreclosed office building near its headquarters in El Segundo, reported Los Angeles Business First. Owned by New York Life Insurance after the foreclosure, the three-story creative office property at 2160 E. Grand Ave. sold to Mattel for $59 million.
After an interior build-out, Mattel will move part of its North American and international businesses into the office, the toy company said in an earnings report. Headquartered at 333 Continental Blvd. in El Segundo, Mattel will use the new building to replace a leased facility that supports global design, development and other activities.
The 168,000-square-foot property known as Grand + Nash foreclosed late last year and was acquired by lender New York Life through a deed-in-lieu of foreclosure from SteelWave and Barings, which had $53 million in unpaid debt. They acquired the property in late 2019.
Read More: Mattel Expands El Segundo Office Footprint with Previously Foreclosed
