The new space is a development of MS Kearny Northrop Avenue LLC,a partnership led by Kearny, with Morgan Stanley's Real Estate FundV as its partner. The developers have named Jeff Kernochan ofFischer Corporate Real Estate Services to market the new space,which is being offered for sale or lease. The 74,400 sf of spacefor which the developers have commitments includes four buildingstotaling 39,000 sf that are in escrow and 35,400 sf of space forwhich leases have been signed.

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The project site is near the intersection of the 405 and 105freeways. It is immediately south of the Hawthorne MunicipalAirport, which Kearny controls through a 45-year ground lease withthe City of Hawthorne, and has immediate access and egress toInterstate 105 at Crenshaw Boulevard. Kearny acquired the 86-acresite in July 2005, leasing back nearly 1.4 million sf of space toVought, which manufactures Boeing 747 fuselages and 767 aft bodypanels.

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Since acquiring the property, Kearny has sold or leased theremaining 785,000 sf of existing buildings to a variety of usersincluding a race car team, a rocket manufacturer and a bathproducts company. Buildings at the new industrial development rangefrom 5,700 sf to 20,700 sf.

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