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10/16/14
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Radiology Partners has agreed to a seven-year, $2.5 mil lease for 12.4k sf of ($2.40/sf/mo) office space in El Segundo. The firm, an integrated radiology practice-management company, will be moving to 2101 El Segundo Blvd, east of Sepulveda Blvd at the intersection with Continental Blvd.
The five-story, 114.2k sf building was previously fully occupied by Raytheon Space and Airborne Systems. The big aerospace firm vacated the premises in 2013 as part of a company reorganization.
The building is owned by Bixby Land Company, who acquired the property and conducted a major renovation to convert the building to creative office space. The building includes features such as exposed ceilings, a modern lobby with lounge and coffee bar, dog park, beach cruisers for tenant use, open spaces and meeting areas.
Radiology Partners plans to move into its new space – approximately half of the fourth floor – in November 2014. The firm is expanding from its previous space, which totaled 5k sf, elsewhere in El Segundo. With this expansion, the company plans to hire additional employees.
Avison Young Principal Jacob Bobek, based in the company’s Downtown Los Angeles office, represented Radiology Partners. Bixby was repped by CBRE.
“El Segundo – which historically had a high concentration of aerospace, back office and financial services companies – was previously not a place where tech and growth companies wanted to locate,” comments Bobeck. “With rents spiking in other areas, the El Segundo market is now offering favorable office product for less rent than in other L.A. markets; the area is now attracting growth firms as landlords renovate vacated product to cater to a creative corporate culture”.
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