Southern CA Office Campus Lands Tenants
- Dec 21, 2017
A joint venture of Rockwood Capital and Lincoln Property Co. has signed a number of new tenants to its ongoing redevelopment of the former Gateway El Segundo property in El Segundo, Calif. The largest new tenant is Spaces, a creative workspace provider, which plans to occupy 37,373 square feet on the second floor of one of the buildings on the campus. A Cushman & Wakefield team led by Chris Sinfield, Tom Sheets and Quint Carroll are leading the leasing efforts of the property on behalf of the owners.
The 355,000-square-foot office and retail property, being rebranded as OPEN, is located at 300, 360 and 390 N. Sepulveda Blvd. Situated approximately one mile south of Interstate 105 and within two miles of Interstate 405, the buildings are located within a five-minute walk of six hotels, a grocery store, numerous restaurants and Mattel’s world headquarters.
The three-story office buildings were constructed in 1980, with the two single-story retail buildings opening in 2009. In late 2016, DivcoWest sold the campus to the current owners for $120 million. At the time of the sale, the property was 52 percent leased. Shortly after acquiring the property, the new owners began renovations to reposition the property as a Class A creative office campus. The upgrades are expected to wrap up early next year, with the first new tenants moving in during the springtime.
In addition to Spaces, a number of smaller tenants have signed on to occupy space at the rebranded campus. Far Out Toys has signed for 3,669 square feet. TS2, a tech business development firm, will occupy just under 3,000 square feet, and Chicken Bone Effects, a high-end visual effects company, is leasing 1,667 square feet. A retail tenant, 2 Guns Espresso, has signed a lease to operate a newly-built kiosk which is located in the buildings’ courtyard.
“The owners are taking what was an already desirable and well-located office campus and refining it into a modern, high quality creative workplace that can accommodate a wide range of professional, media, technology, and even medical uses, as well as retail,” said Sheets, director with Cushman & Wakefield, in a prepared statement. “Large functional outdoor spaces such as this are quite rare in existing local commercial properties positioned this close to the ocean.”
Images courtesy of Cushman & Wakefield