EL SEGUNDO, CA—Continental Development Corp.and Mar Ventures raised the walls yesterday of thefirst building at elevon, a $100 millioncreative office development in El Segundo withfor-sale units. The development will have 15 buildings uponcompletion in early 2015. For the remainder of the year, developerswill be titling the walls of the remaining 14 buildings.

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“This was really our first opportunity to see the shape of thebuildings, as opposed to just seeing them on plans,” AllanMackenzie, Mar Ventures president, tells GlobeSt.com. “Itis exciting. We get comfortable with the design we selected, andusers are able to start visualizing the space better as soon as thewalls are tilted.”

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The project broke ground in October of last year. Now, 20% of the property hasbeen leased to five separate users, according to Mackenzie. “We arepleased to have this level of activity before the walls are titled.We continue to believe in the viability of this unique concept ofbuying buildings and buying suites, and market indications arepositive.” The buyers already committed include the LosAngeles Lakers, who will purchase five acres on the campusfor the team's practice facility, league development team andbusiness operations.

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The 210,000-square-foot project sits on 15 acres with a total of15 buildings ranging in size from 8,000 to 27,000 square feet.“Between now and the end of July, we will have tilted all of thebuildings,” says Mackenzie. The property targets both creative andnoncreative users looking for a flexible, open-format office spacein the growing El Segundo market. CBRE representsthe project's for-sale units and JLL representsthe building in build-to-suit transactions.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.