EL SEGUNDO, CA-The office market has racked up a flurry of three deals totaling $37 million here lately as a new-media advertising agency and a TV technology firm have migrated from Marina del Rey to lease less expensive space. In the third deal, a private investor bought a fully occupied 46,940-sf office building for nearly $12.3 million.

In one of the leases, new-media advertising agency Ignited Minds signed for 55,000 sf of space at 2221 Park Place in a 10-year, $17-million deal. The building is owned by Sandstone Properties, which was represented by principal Bob Safai and director Joe King of Madison Partners.

Ignited Minds was represented by Leonard Nadler, Robert Cavaiola and Christopher Knapp of Studley. The Studley brokers point out that Ignited Minds, which is doubling in size in its move to 2221 Park Place, inherited existing tenant improvements that include 30-foot high ceilings, open space areas, a 5,000-sf mezzanine level with a new kitchen, an employee lounge and a gaming area.

Market conditions allowed the agency, formerly located at 4499 Glencoe Ave. in Marina del Rey, to negotiate a favorable termination agreement with landlord Hanke Investments, the Studley brokers say. They note that the move by the ad agency illustrates how El Segundo is becoming a lower-cost alternative market for Westside tenants.

Safai points out that the freestanding, single-story, office/flex building is located across from the Rosecrans Corridor, an area of restaurants, offices, retail shops, entertainment and theaters. The 2221 Park Place building was built in 1966 and renovated in 2000.

In the $12.3-million building sale, a private investor acquired a 46,940-sf, two-story office/flex building at 2335 Alaska Ave. that is 100% occupied by a single tenant. Safai brokered the off-market sale on behalf of seller Alliance Commercial Partners of Denver.

The 2335 Alaska property was built in 1988 and is occupied by Kurtzman Carson Consultants LLC on a 12-year, triple-net lease that Safai arranged. The Madison Partners principal also arranged financing through Citigroup.

The third deal was Tandenberg Television’s 10-year, $8-million lease of a new 24,500-sf West Coast headquarters on the 16th floor in the Pacific Corporate campus at 100 N. Sepulveda Blvd. in a move from 18,000 sf at 12190 Culver Blvd. in Marina del Rey. Pacific Corporate Towers, the landlord for 100 N. Sepulveda Blvd., was represented by John Ayoob of CB Richard Ellis.

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