LOS ANGELES, Calif. – December 20, 2017 – A joint venture between Rockwood Capital and Lincoln Property Company is currently directing a significant renovation and modernization of their ±355,000-square-foot (sf) multi-building office campus at 300, 360 and 390 N. Sepulveda Blvd. in El Segundo (Los Angeles), California. Formerly known as Gateway El Segundo, the multi-tenant project located in the region’s sought after South Bay market is being re-branded as OPEN. The project’s new name is derived from its expansive but underused outdoor space, which the owners are transforming into a user-friendly, collaborative and amenity-driven environment.
In addition to its new modern make-over, OPEN has also just announced new tenant signings, with Amsterdam-born creative workspace pioneer Spaces, and with local specialty coffee house 2 Guns Espresso as a primary on-site outdoor amenity. Adding to the growing line of new tenants, OPEN also recently secured leases with an array of smaller tenants including Chicken Bone Effects, TS2, and Far Out Toys.
Chris Sinfield, Tom Sheets and Quint Carroll with Cushman & Wakefield’s El Segundo/South Bay office, in collaboration with Kent Handleman of Lincoln Property Company, handle leasing for the project and represented ownership in the transactions.
Spaces is utilizing multiple suites totaling 37,373 sf on the second floor of the 360 building as the brand rapidly expands in the U.S. Businesses and entrepreneurs can choose from a list of membership structures that fit their needs, including co-working memberships, dedicated desks and private offices. All Spaces members are able to enjoy the services and amenities that come with a full office setup, including reception, IT support, security, networking events and more. Spaces’ new location is expected to be ready for users by spring 2018. Tim Vaughan and Mike Kay of CBRE represented Spaces in the transaction.
“We’re delighted to continue our robust West Coast expansion with our newest location in El Segundo, California,” said Michael Berretta, Vice President of Network Development, Americas for Spaces. “Rockwood Capital and Lincoln Property Company’s site is located just minutes away from the Los Angeles International Airport making it an ideal location for business travelers visiting California. Local residents in El Segundo will also reap the benefits of this newest location, where business leaders and entrepreneurs can network and collaborate.”
2 Guns Espresso, whose mission is bringing New Zealand’s coffee culture to the South Bay of Los Angeles, will be the centerpiece amenity of OPEN’s revamped outdoor courtyard once exterior renovations are complete. Conveniently accessible to tenants and the public, 2 Guns will operate out of a newly-built kiosk designed to resemble a shipping container. 2 Guns will join a popular cast of food and beverage retailers already serving the project.
Chicken Bone Effects, a small VFX company specializing in high-end visual effects, leased 1,667 sf of space, also in the 360 building. TS2, a strategic business development firm advising tech startups, leased 2,912 sf, while Far Out Toys leased 3,669 sf of space in the 300 building.
Mr. Sheets said, “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.” He added, “Once complete, OPEN’s new courtyard will provide an enjoyable and highly unique outdoor setting where people can work, socialize and relax in the area’s desirable beach city weather. Large functional outdoor spaces such as this are quite rare in existing local commercial properties positioned this close to the ocean.”
OPEN will be a fully renovated Class A multi-tenant campus located at the corner of N. Sepulveda Blvd. and E. Grand Ave., just a few blocks north of El Segundo Blvd. OPEN contains three, 3-story office buildings plus two retail buildings that share and overlook a centralized, fully landscaped outdoor courtyard interconnected by decorative walkways. In addition to its abundance of on-site amenities, OPEN is conveniently walkable to many retail and service amenities and is located just minutes from Interstates 105 and 405 and the Los Angeles International Airport. Many famed coastal cities and beaches are also just a short drive away. Current project availability ranges from small, single-suite users to multi-floor tenants with requirements up to 90,000 sf of space.
“El Segundo has proven to be one of the best-performing office submarkets in all of Greater Los Angeles with over 200,000 sf of occupancy growth year-to-date, eclipsed only by Santa Monica (632K sf) and Hollywood (492K sf),” said Mr. Sinfield. “Beginning in 2013, El Segundo has achieved more than 950,000 sf of occupancy growth in less than five years as it continues to see strong leasing velocity due to increased demand from companies moving south plus organic growth.
“Further, the El Segundo office submarket continues to dominate the South Bay, having accounted for 52.5% of its total office net absorption so far in 2017. With attractive space and rents significantly lower than the competing West Los Angeles market, migration has filtered into this submarket. With overall vacancy approaching single digits at 11.4%, El Segundo is expected to continue to be a market leader in tenant demand due to its business-friendly environment.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Spaces offers an inspiring work environment for professionals and growing businesses. In addition to office space, there are memberships and meeting rooms to help you think, create and cooperate with like-minded people. Spaces’ goal is to offer inspirational surroundings with an entrepreneurial spirit where ideas are born, a company can evolve and valuable relationships are built. Spaces has locations in the United States, Europe, Canada, Latin America, Africa, Australia and Asia.
For more information, visit www.spacesworks.com or call 1-844-6-SPACES.