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7/11/16
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In an update on recent leasing activity from LA’s South Bay region, we’ve got two comps totaling roughly 210k sf to share. In the larger deal, the Federal Aviation Administration inked a new 15-year lease for 154k sf at 777 Aviation Blvd in El Segundo, in what we’re told is the largest office lease so far this year in the South Bay.
The FAA will use the space, situated north of Rosecrans Ave and west of the 405 Fwy, to establish their new west coast headquarters. The 309k sf building was acquired fully vacant in 2015 by a joint venture between Embarcadero Capital Partners and Westbrook Partners.
The ownership has since retained SOM Architects to conceive a full scale renovation, including an entire remodel of the interior and exterior. The building, originally designed in 1968 by famed Los Angeles modernist architect Craig Ellwood, is a three-story, glass and steel structure.
Madison Partners’ Bob Safai, Tony Ranger and Joe King, along with Kent Stout of Colliers International, represented the ownership in this lease.
In the other deal, just a block or so to the west, ecommerce giant JustFab signed a 13-year lease for 55k sf at 2221 Park Place. The online subscription retailer took the space in anticipation of further growth.
The property is situated directly across the street from JustFab’s current headquarters of approximately 118k sf in the Apollo at Rosecrans development. 2221 Park Place is a highly creative, freestanding building owned by Sandstone Properties. The site benefits from its close proximity to the Metro Green Transit Line and amenities along the Rosecrans corridor.
Bob Pearson of Madison Partners represented the Sandstone Properties in the transaction. Joe King represented JustFab.
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