–Griffin Capital Plans Dynamic, New Creative Office Development in Los Angeles, El Segundo
–Closes two land parcels to develop four buildings containing 240,000 square feet
Griffin Capital Company, LLC, a leading private alternative asset manager, announced its acquisition in December of two parcels of land located at the Northeast and Southwest corners of Grand Avenue and Kansas Street (immediately adjacent to the company’s headquarters building), in the heart of one of the most dynamic real estate markets in all of Los Angeles, El Segundo.
Kevin A. Shields, Chairman and CEO of Griffin Capital commented, “We worked on this transaction for over two years and are excited to develop these parcels into what we believe will be an attractive, visually-stimulating entrance into the Smoky Hollow area of this rapidly-evolving neighborhood.”
Immediately south of Los Angeles International Airport (LAX), and minutes from highly desirable residential beach communities where many executives choose to live, El Segundo is experiencing significant growth in demand from technology and digital media companies seeking contiguous blocks of space in open format, architecturally-distinctive office properties; which is in short supply in nearby Santa Monica, Culver City or Silicon Beach. Griffin intends to take advantage of this demand by developing two new structures and redeveloping and expanding two existing structures. Taking a cue from nearby successful El Segundo projects, Griffin has planned distinctive office buildings with cutting-edge design that will feature 15 to 18 foot slab-to-slab clearance, large operable windows to maximize light, balconies, and common outdoor courtyards and tenant amenities, all of which contribute to a stimulating work environment companies seek to effectively compete for the best and brightest employees.
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On the Northeast corner of Grand and Kansas, Griffin plans to redevelop, repurpose and expand two existing structures into 155,000 square feet of creative office, featuring a new, distinctive glass exterior curtain wall, along with a 430-stall structured parking garage. On the Southeast corner, Griffin will raze the existing structures and develop two ground-up buildings totaling 86,000 of creative office space along with a parking structure.
Shields added, “We worked diligently and cooperatively to acquire these parcels and we could not be more pleased to have consummated the acquisition at the end of last year. The demand for creative office property in El Segundo continues to accelerate and we are excited to develop these properties to meet tenant demand, while bolstering the aesthetics and quality of our neighborhood.”
Griffin Capital will commence construction in October 2020 with a projected construction completion of May 2022. The buildings will be available for lease to either multiple tenants or a single tenant.
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