Boston Properties invests in El Segundo media campus project

Los Angeles /
Aug.August 04, 2020 10:00 AM
Boston Properties CEO Owen D. Thomas and the project site (Credit: Google Maps)
Boston Properties CEO Owen D. Thomas and the project site (Credit: Google Maps)

Boston Properties has bought a 50 percent stake in a partnership to develop an office and media production complex in El Segundo.

The firm paid $21.2 million to join an existing joint venture of Continental Development Corporation and real estate firm Mar Ventures Inc., according to Commercial Observer.

The Beach Cities Media Campus site spans 6.4 acres at 2021 Rosecrans Avenue. It is entitled for the development of 275,000 square feet of Class A office space, a 66,000-square-foot studio and production building and 7,000 square feet of retail space.

Continental Development president Richard Lundquist said the joint venture had been searching for another partner for some time. His firm and Mar Ventures have developed several office projects together, including a 15-acre office campus in El Segundo, according to Urbanize.

The Beach Cities Media Campus project was first pitched in late 2017.

El Segundo has been encouraging new development for several years, particularly redevelopments of the wide swaths of industrial space and aging office buildings in the city. The city is encouraging tech-focused firms as a way to shake off its industrial image.

North of the Beach Cities Media Campus site, the city wants to transform 120 acres called Smoky Hollow.

There have been a number of sizable investment sales in El Segundo over the last year or so, as well as some big moves to the city. The Los Angeles Times moved to the city in 2018 and advertising giant Saatchi and Saatchi set up shop there a year ago.

In 2018, Boston Properties teamed up with Canada Pension Plan Investment Board to pay $627.5 million for the ground lease to the 1.2 million-square-foot Santa Monica Business Park. [CO]Dennis Lynch


Related Articles

arrow_forward_ios
Rob Speyer and 555 Aviation (Getty, Tishman Speyer)

Tishman Speyer refis big El Segundo creative office

Tishman Speyer refis big El Segundo creative office
1960 Grand

Starwood, Artisan pay $127M for El Segundo building

Starwood, Artisan pay $127M for El Segundo building
Soon-Shiong beside his latest El Segundo buy

Patrick Soon-Shiong makes another landgrab in El Segundo

Patrick Soon-Shiong makes another landgrab in El Segundo
From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Graymark, Nuveen pay $97M for El Segundo creative office
2201 Rosecrans Ave in El Segundo

Continental snags $55M refi on El Segundo office portfolio

Continental snags $55M refi on El Segundo office portfolio
GPI Companies founders Cliff Goldstein and Drew Planting; Angelo Gordon & Company CEO Michael Gordon; and 2031 E. Mariposa Avenue

With plenty of dry powder, GPI Cos. buys El Segundo manufacturing complex

With plenty of dry powder, GPI Cos. buys El Segundo manufacturing complex
Chairman/CEO of Saatchi & Saatchi LA Kurt Ritter and 555 Aviation

Industrial chic: Iconic ad agency signs lease at Tishman Speyer building in El Segundo

Industrial chic: Iconic ad agency signs lease at Tishman Speyer building in El Segundo
Vella Group’s Zach Vella and the office in El Segundo

Development opportunity? This investment firm snagged an aging office campus in hot El Segundo

Development opportunity? This investment firm snagged an aging office campus in hot El Segundo
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...