Avison Young Signs Four Tech Leases

LOS ANGELES-Avison Young has completed four office leases totaling 23,000 square feet of space with growing tech companies throughout the Los Angeles area.

Avison Young principal Scott Steuber and Jeff Vertun, an associate in the company's Downtown Los Angeles office, represented the tenants – DogVacay, the DuMont Project, Bitium and Privlo – in all four transactions.

“These recent leases are testimony to a growing tech community throughout the region,” said Steuber. “With tech companies in growth phases – many of them in various stages of venture-capital funding – these firms are solidifying their desire to remain in the area and are choosing to put roots in the ground.” 

Steuber observed that, in addition to the recent activity, Avison Young has completed a flurry of similar leasing transactions for headquarters space over the past six months. The firm has represented some of the hottest companies in the tech community, which spans a wide geographic area from Pasadena to West Los Angeles including a 12,000-sf lease for Metacloud's new headquarters in Pasadena.

“The quality of life, Los Angeles culture and amenities, as well as an abundant talent pool from local universities such as CalTech, UCLA and USC are some of the factors that attract this tenant sector,” says Steuber.

 Following are details on each of the four recent leases:

DogVacay, an online community site for matching in-home pet boarding and other pet care services, signed a five-year, 10,000-sf lease at 820 Broadway in Santa Monica. The growing firm was in space totaling approximately 4,000 sf. DocVacay timed this transaction to correspond with its completion of a $15-million round of funding in order to raise money to hire additional employees. The company will move to its new space in March 2014, when it expects to double its head count. The landlord, Broadway Creative Offices, LLC, was represented by Andrew Wilson of Lee & Associates.

Direct marketing company, the DuMont Project, signed a five-year, 6,000-sf lease at 4223 Glencoe Avenue in Marina Del Rey. Founded just three years ago, the self-funded company is owned by a husband and wife team. The company is doubling its space from another Marina Del Rey location and plans to relocate approximately 50 employees to the new space in early January 2014. The landlord, Marina Glencoe, LLC c/o PMI Management, LLC, was represented by Dave Wilson and James Wilson of Lee & Associates.

Bitium, a creator of an operating system for app management, signed a three-year, 4,000-sf lease at 2448 and 2444 Main Street in Santa Monica. The company will fully occupy the stand-alone building. The company expanded from a smaller space and recently located 20 employees to its new office. The landlord, Diebenkborn Survivor's Trust, was represented by Brian Merrick of Coldwell Banker.

Privlo, a company that has created a public marketplace for private real estate loans, signed a three-year, 3,000-sf lease at 8500 Steller Drive, Building 7 in Culver City. The company was originally founded in Idaho and chose to locate to Los Angeles because of the growth of the tech community and to take the company to the next level. Privlo doubled its space by relocating 15 employees from space in Santa Monica. The company recently secured a round of venture funding as well. The landlord, Steller Associates, LLC, was represented by Andrew Wilson of Lee & Associates.

“Avison Young's entrepreneurial spirit translates well with early and mid-stage firms because of our willingness to provide them with the level of attention and sophisticated approach that is given to late-stage companies. Avison Young grows with the firms as they grow, and we aim to be a resource and advisor throughout their journey,” adds Chris Cooper, principal and managing director for Southern California with Avison Young.

Founded in 1978, Avison Young says it is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Avison Young is a collaborative, global firm owned and operated by its principals.