JV Purchases Development Site for El Segundo Office Campus
Boston Properties and Continental Development Corp. have formed a partnership to develop 275,000 square feet of class A, office space along the Rosecrans Corridor.
LOS ANGELES – Boston Properties Inc. and Continental Development Corp. have formed a joint-venture partnership and acquired a 6.4-acre development site in Los Angeles, CA. The site is fully-entitled for the development of Beach Cities Media Campus; a 275,000-square-foot, class A, office project.
The partnership purchased the site, situated on the Rosecrans Corridor, aiming to capitalize on its location within the El Segundo submarket.
“We are excited to expand our footprint in Los Angeles, furthering BXP’s presence from Santa Monica into the South Bay’s most dynamic submarket,” said Jonathan Lange, VP BXP’s Los Angeles region. “El Segundo is one of Los Angeles’ most in-demand sub markets, attracting today’s top technology, media, aerospace and biotech companies. We look forward to collaborating with Continental and local community stakeholders to create a market-leading asset to help companies inspire the top-tier talent they need to support their growth.”
“This marks Boston Properties’ third investment in the Los Angeles region since entering the market in 2016 and provides a fully-entitled site, located in a desirable submarket to support future development,” says Owen Thomas, BXP CEO. “More importantly, we are delighted to partner with Continental Development, one of the most prominent and well-regarded developers and owners of properties in this region. Similar to BXP, Continental has earned a reputation for integrity, quality, and community engagement. We are aligned in our core values and look forward to the beginning of a long-term relationship.”
Owner and developer, Continental Development Corp. primarily handles properties within Los Angeles’ El Segundo and South Bay submarkets. The company currently has more than 500 tenants throughout its four million-square-foot portfolio.
“Our teams have been exploring partnership opportunities for some time now. We are thrilled to officially establish a relationship with Boston Properties on this fantastic site,” states Richard Lundquist, president of Continental Development Corp. “Our collective and long-standing experience in enhancing communities through building high-quality projects will lead to the delivery of a world-class media campus and serve as the capstone to the Continental Park campus.”
