July 30, 2020
Boston Properties, Inc. acquired a 50% interest in Continental Development Corporation’s Beach Cities Media Campus in El Segundo for a purchase price of $21.2 million. The joint venture owns a 6.4-acre site on the Rosecrans Corridor submarket that is fully entitled to support the future development of roughly 275,000 square feet of Class A creative office space.
The Media Campus represents the western border of Continental Park, Continental’s three-million-square-foot, 86-acre office and mixed-use campus, which is home to several Fortune 500 and emerging office tenants.
BXP’s Owen Thomas says, “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.”
Continental Development Corporation’s Richard Lundquist says, “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.”
For comments, questions or concerns, please contact Dennis Kaiser