By Evelyn Jozsa
A joint venture of Rockwood Capital and Marshall Property & Development leased a 33,085-square-foot Class A creative office building at Campus 2100 in El Segundo, Calif., to Thai Union North America. Chris Sinfield and Tom Sheets, executive directors of Cushman & Wakefield, worked on behalf of the landlord, while Travers Cresa represented the tenant in the transaction.
Thai Union will relocate its two Southern California offices into the single-story building located at 2150 Grand Ave. The company signed a long-term lease for the office and will occupy the space in the fourth quarter of this year. The new tenant brought the campus to 94 percent occupancy.
Recent Occupancy Growth
The asset is a three-building coastal campus situated at 2100, 2120 and 2150 Grand Ave. at the corner of Continental Avenue. Campus 2100 is comprised of a six-story office building (2100), a three-story office building (2120) and a single-story creative office building (2150). The property is few minutes from interstates 405 and 105, Imperial Highway, Los Angeles International Airport and the Pacific Ocean.
“Campus 2100’s recent expeditious occupancy growth has been a significant feat for the market given this was a single owner-user campus for much of its history. When visual effects and animation company Rhythm & Hues Studios went bankrupt in 2013, they essentially left a majority of the asset vacant, with the exception of just one tenant, creating a rather challenging void to fill,” said Chris Sinfield, executive director of Cushman & Wakefield, in prepared remarks.
Additionally, according to a 2017 midyear report by Cushman & Wakefield, El Segundo was among the best-performing office submarkets in Greater Los Angeles in the first half, with nearly 140,000 square feet of occupancy growth. During the past four and a half years, El Segundo has absorbed approximately 900,000 square feet on a net basis.
Image courtesy of Cushman & Wakefield