El Segundo Claims Year’s Largest Office Lease

The Federal Aviation Administration leased 154,000 square feet at 777 Aviation Blvd.

LOS ANGELES—The Federal Aviation Administration has signed a 15-year 154,000-square-foot lease with for an office space in El Segundo owned by a joint venture between Embarcadero Capital Partners and Westbrook Partners. According to Madison Partners, which represented the landlord in the transaction, the lease is the largest in L.A. County. Madison Partners would not disclose the value of the lease, however, industry sources unrelated to the deal tell GlobeSt.com that it is valued at more than $120 million.

“We sold the project to Embarcadero and West Brook, and through the process on the last year of ownership, we leased up half of the building to FAA,” Bob Safai, founding partner and president of Madison Partners, tells GlobeSt.com. “FAA was already in the South Bay market. They moved from a Lawndale address, which was only a mile away, to a building in El Segundo that is closer to the airport and is a newer building. This is the largest lease done in L.A. County.” In addition to Safai, Tony Ranger and Joe King also represented the landlord, along with Kent Stout of Colliers International.