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September 22, 2020
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Boston Properties Buys 50% of Development Joint Venture with Continental Development Corp

8/07/20

Boston Properties Inc has acquired a 50% interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in the El Segundo submarket of Los Angeles. The site is fully entitled to support the future development of approximately 275k sf of Class A creative office space.

Boston Properties’ venture partners are Continental Development Corporation and Mars Ventures, which had owned 75% and 25% of the asset, respectively, prior to this new partnership. Continental Development is a premier developer and owner of Class A properties primarily in the El Segundo and South Bay submarkets of Los Angeles with more than 500 tenants across its 4 msf portfolio.

The Beach Cities Media Campus is located on Rosecrans Ave in El Segundo, one of the most in-demand creative office, restaurant and retail nodes in the South Bay of Los Angeles. The location is minutes from Los Angeles International Airport (LAX) and five miles from the soon to open SoFi Stadium, a 298-acre world class sports and entertainment destination. The Media Campus represents the western border of Continental Park, Continental’s 3 msf, 86-acre office and mixed-use campus, which is home to several Fortune 500 and emerging office tenants.

“This marks Boston Properties’ third investment in the Los Angeles region since entering the market in 2016 and provides a fully-entitled site, located in a desirable submarket to support future development,” said Owen Thomas, CEO, Boston Properties. The company is the largest publicly-traded developer, owner and manager of Class A office properties in the United States

“Our teams have been exploring partnership opportunities for some time now. We are thrilled to officially establish a relationship with Boston Properties on this fantastic site,” said Richard Lundquist, President, Continental Development Corporation. “Our collective and long-standing experience in enhancing communities through building high-quality projects will lead to the delivery of a world-class media campus and serve as the capstone to the Continental Park campus.”






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