Seasoned Joint Venture Partners Kick Off Transformation of Architecturally Significant Building and Grounds into Creative Multi-Tenant Campus
El Segundo, Calif. (May 10, 2016) – Joint venture partners Embarcadero Capital Partners, a full service commercial real estate investment, development and management firm, and Westbrook Partners, a global real estate investment management company, announced today that they have signed a lease with the U.S. General Services Administration on behalf of a sophisticated technology-oriented federal agency for 154,000 square feet, just under half of the building footprint at 777 South Aviation Blvd. in El Segundo. The partnership also announced that extensive renovations designed to convert the property into sought after creative office space will commence later this month. Terms of the deal are undisclosed.
Originally designed by celebrated Los Angeles modernist architect Craig Ellwood, 777 Aviation is a striking Class A office building built in 1968. The simple, elegant three-story, 309,088 square foot glass and steel structure typifies Ellwood’s iconic design aesthetic which fused the formalism of Mies van der Rohe with the informal style of California modernism. Embarcadero Capital Partners and Westbrook Partners acquired the property in 2015 with the vision of transforming the unique asset into an amenity-rich, multi-tenant campus which would appeal to modern tenants, particularly those in the tech sector, and would allow the partnership to capitalize on the momentum of the thriving West Los Angeles market.
“We are excited to begin construction on this extraordinary project,” said John Hamilton, Co-Founder and Principal of Embarcadero Capital Partners. “The product we are creating truly raises the bar on Class A office space in El Segundo.”
“This particular deal presents the perfect challenge for our team,” said Gary Palmer, Managing Principal of Westbrook Partners “It offers us the chance to add significant value to an exceptional asset in an established sub-market with excellent growth potential.”
To maximize the opportunity to deliver the most desirable product possible to the market, the partnership commissioned renowned architects Skidmore, Owings & Merrill LLP (SOM). They tasked the design team with blurring the boundaries between indoors and outdoors and with bringing daylight into building without losing leasable square footage. The partnership also charged the designers with taking full advantage of the building’s generous floor plates to offer opportunities for large, open and creative workspaces. The design incorporates a soaring new atrium with circular skylights that will illuminate the surrounding offices, which have expansive windows that look into the 96-foot long by 48-foot wide atrium space. The skylights will also disperse light across a new 40-foot wide stadium stair designed to accommodate small and large group assemblies.
The design also adds high-quality building amenities including an on-site café, a fitness facility with locker room and showers, and Wi-Fi enabled common areas. Other key core and shell renovations feature a welcoming new front entrance, upgraded glazing throughout the building and new restrooms. Additionally, new building systems will be installed including mechanical, electrical, plumbing, HVAC, elevators and data infrastructure. Core and shell construction is slated for completion in April 2017.
To reinvent the property into a campus-like atmosphere that activates the entire site, LRM Landscape Architecture was hired to transform the outdated grounds into new creative and collaborative areas. The new landscape design will incorporate an existing historically significant sculpture created by famed artist George Sugarman in 1969. The work, entitled “Yellow to White to Blue and Black,” is widely known and highly regarded among modern art aficionados as an example of Sugarman’s pioneering of fabricated steel, pedestal-free sculptures and his fresh experimental approach. Additionally, the grounds will feature several outdoor meeting spaces, fire pits, a dog park, bike sharing facilities and food truck stations.
777 Aviation offers tenants an excellent business address in the heart of El Segundo’s new creative office hub located within walking distance to significant dining and retail amenities. The property provides unparalleled access to LAX, the 105 and 405 freeways and the highly desirable neighboring communities of Santa Monica, Venice, Playa Vista and Manhattan Beach.
Beth Peterson, Director of Leasing at Embarcadero Capital Partners will oversee leasing on behalf of the partnership. She can be reached at email@example.com or (562) 572-5070. For further information please visit www.777aviationblvd.com. Tony Ranger and Joe King of Madison Partners have also been retained by the partnership to assist with leasing. They can be reached at firstname.lastname@example.org and email@example.com or (310) 820-5959.
About Embarcadero Capital Partners
Founded in 2002, Embarcadero Capital Partners (ECP) is a full service commercial real estate investment, development and management firm based in Belmont, California. ECP invests in dynamic, development-constrained West Coast markets that are known for innovation, intellectual capital and a creative business culture. ECP targets assets with strong leasing appeal due to location, quality, design and other factors. Founded by longtime industry professionals Eric Yopes and John Hamilton, ECP has raised over $800 million of equity capital in four closed-end funds. Investors include leading endowments, foundations, insurance companies, fund-of-fund investors, and family offices. More information about ECP is available at www.embarcaderocapitalpartners.com.
About Westbrook Partners
Founded in April 1994, Westbrook Partners, is a privately-owned, fully integrated global real estate investment management company with offices in New York, Boston, Washington DC, Palm Beach, San Francisco, Los Angeles, London, Munich, Paris and Tokyo. Westbrook’s professionals are responsible for acquisitions, value enhancement, financial accounting, and risk management. Their experience includes office, multi-family, residential, hotel, retail, industrial and single-family residential development properties, and have been among the world’s most active and successful investors, having raised and invested more than $14 billion of equity in over $50 billion of real estate transactions in major markets throughout the world. Westbrook Partners recently completed fund raising for Westbrook Real Estate Fund X, with $2.85 billion of capital commitments. www.westbrookpartners.com