The Next Big Thing? (Part 2)
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We told you yesterday about El Segundo's Rosecrans Corridor and Apollo developments. Today we tell you about The Point and the “Superblock.” Next issue we'll show you “elevon” and Smoky Hollow. Then we put it all together at our Bisnow summit the morning of Dec. 11, on location in the middle of El Segundo. Please join us!
Retail guru Bob Baker on the job Thursday at Sepulveda and Rosecrans advising (with Jeff Kreshek) on development of Federal Realty’s Investment Trust’s 100k SF, $80M high-end retail mall called “The Point.” (It will also have 25k SF of office.)
To open next summer, it will feature 28 storefronts with extensive food options: so far, True Food Kitchen, North Italian, ShopHouse, Mendocino Farms, and Superba Food and Beverage, supplemented by Millennial-favored tenants Soul Cycle, Athleta activewear, Lucky jeans and others. One mile from the beach, it’s geared not only to the 60,000 daytime population of El Segundo, but the Manhattan Beach residential crowd of 40,000 residents and innumerable visitors.
Federal Realty has come to know the area and trends; it’s owned 381k SF Plaza El Segundo since 2011, including big-box stores like Best Buy, Dick’s Sporting Goods and Whole Foods. The Point, of course, will become Federal’s boutique dimension.
North on Sepulveda a mile, you meet the “Superblock.” Between El Segundo Avenue and Grand, here’s the iconic Pacific Corp Towers (known by all as “PCT”), built by Prudential 28 years ago, once owned by real estate magnate Dick Ziman and now the GM Pension Fund—1.6M SF and home not just to large SoCal offices of Fortune 500 giants, but to the newest generation of firms with names like Cetera, Velocify and Protege.
Next door, Raytheon is entitling for additional density so it can build hotels, offices, retail and industrial.
At 2201 El Segundo Ave at Nash, next to Metro Rail, Jeremy Rogers' Montana Avenue Capital is developing “The Station”—52k SF designed by Ware Malcomb. It’s one of three creative-office projects there: the others are Bixby Land Co’s 2101 El Segundo Ave and Paul Marshall’s 2100 Grand. Putting much more Millennial “super” in the Superblock.
Here’s 114k SF 2101, as redesigned by Shubin + Donaldson. It’s become Class-A office, but opposite what you would have expected even a year ago in El Segundo, or almost anywhere.
Instead of the conventional receptionist desk and security guard, you find instead: shuffleboard, fireplace, coffee tables, library shelves with books, piped-in up-tempo music…
…and an indoor/outdoor lounge. What CBRE’s Bob Healey dubs the “Kimpton Hotel of office buildings.”
2100 Grand is next for a creative-class facelift.
More is possible in the future: Northern California-based Divco West bought Gateway El Segundo from GPI and Continental Grand Plaza I and II from Tishman, raising the possibility of yet more new designs and rehabs.
High-profile Mattel Toys at 333 Continental Blvd anchors the old school which put El Segundo on the map and is still a viable option for larger corporations.
Look quick—one day there will be bright sunshine and all Priuses, UberX’s and NorthFace apparel here.
At the Eastern boundary of the Superblock comes the Kings and Lakers real estate—but more on that as we spotlight “elevon” in the next issue. And when we talk in person at our Bisnow Future of El Segundo summit on Dec. 11.