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January 23, 2019
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SOUTHERN CALIFORNIA NEWS
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FIGS Inc Takes 26k sf in Santa Monica

12/27/18

FIGS Inc has leased 26.1k sf of office space at Santa Monica Gateway. The new location will serve as the online medical apparel company’s new headquarters. FIGS will be in control of designing every element of the space to truly make it their own, and plans to take occupancy in the third quarter of 2019.

Located at 2834 Colorado Ave, Santa Monica Gateway is a brand-new, modern office development. Its creative aesthetic features align with the culture at companies such as FIGS, while also providing the functionalities and operational ease of a Class A building. FIGS will add to the creative tenant roster at the building, which is also home to such well-known companies as Goop and Starz.

Jacob Bobek, Scott Steuber and Jeff Vertun of CBRE represented the tenant in the transaction.

“Santa Monica is home to some of LA's top creative companies, has excellent walkable amenities, easy Expo Line access, is safe for employees, and a generally pleasant place to live work and play,” noted Vertun. “For those reasons, it was the target market all along and will aid FIGS in attracting and retaining top talent in an increasingly competitive labor market.”

Apparel companies that either are exclusive online retailers or use an omnichannel approach are part of a growing national and regional trend. U.S. ecommerce sales have jumped nearly
fourfold to $525 bil this year from $141 bil in 2008, according to CBRE research. This competitive and expanding landscape is requiring ecommerce companies to think more strategically about their office as well as industrial facilities.

U.S. ecommerce sales grew by 16% this year and now account for 9% of all retail sales, according to market research firm eMarketer. Locally, Los Angeles was the top ranked metro for consumer products companies and second for the retail category in the most recent Inc Magazine ranking of the 5,000 fastest-growing companies in America. These innovative firms have been tapping into the region’s diverse retail and logistics talent base. The area’s retail industry supports 413,000 jobs whiles its logistics industry is the largest in the nation to support local ports, which handle 73% of incoming West coast cargo, according to CBRE research.





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