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2/13/20
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Arrowroot Capital recently agreed to a 10-year lease for 20.1k sf of office space in Marina del Rey. The deal, which represents a headquarters expansion/relocation move for the firm, is at Marina Park, a newly redesigned office campus located at 4553 Glencoe Ave, adjacent to the 90 Fwy off Culver Blvd.
Although the lease value was not given out, from what we understand, asking space at the property is around $4.90 FSG. At that rate, the transaction would work out to a total value near $11.8 mil.
Marina Park offers new creative spaces and amenities that include exposed ceilings, abundant natural light, a full-service gym with showers, event space, and a new “pocket park” common area that facilitates communal work and relaxation. It is also walking distance to a number of dining amenities and provides a great location to retain and attract talent.
Blake Olson with Avison Young represented the tenant, who relocated from 100 Wilshire in Santa Monica – one of the priciest buildings in Los Angeles. Newmark Knight Frank repped the landlord, LaSalle Investment Management and SteelWave.
Olson noted that large blocks of space above 15k sf are in low supply on LA’s Westside, and Marina Del Rey is attracting a significant migration of Westside tenants. The seaside Los Angeles community, home to the largest man-made marina in North America, has seen tremendous development in recent years.
Arrowroot Capital is a global growth equity firm focused on investments in B2B software companies. This relocation and expansion will accommodate its current strong growth phase. The company plans on moving into the new space in August 2020.
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