Griffin Capital to develop four new office buildings in US


Griffin Capital, an alternative asset manager, has announced plans to build four new office buildings, containing 240,000ft² of space, in Los Angeles, El Segundo, located in the US state of California.

The buildings will be constructed on two land parcels that Griffin Capital acquired in December 2019. The land is located at Northeast and Southwest corners of Grand Avenue and Kansas Street in Los Angeles, El Segundo.

The office buildings will feature 15 to 18ft slab-to-slab clearance, large operable windows to maximize light, balconies, and common outdoor courtyards and tenant amenities. Such amenities could contribute to a stimulating work environment that companies seek for their employees.

Griffin Capital Chairman and CEO Kevin Shields said: “We worked on this transaction for over two years and are excited to develop these parcels into what we believe will be an attractive, visually-stimulating entrance into the Smoky Hollow area of this rapidly-evolving neighborhood.”

Griffin plans to redevelop, repurpose and expand two of its existing structures on the Northeast corner of Grand and Kansas. They will be transformed into 155,000ft² of creative office space with new, glass exterior curtain wall, along with a 430-stall structured parking garage.

On the Southeast corner, the company will tear down the existing structures and develop two ground-up buildings with a total of 86,000 creative office space along with a parking structure.

Griffin Capital aims to begin construction in October this year with planned completion in May 2022.

Shields said: “We worked diligently and cooperatively to acquire these parcels and we could not be more pleased to have consummated the acquisition at the end of last year. The demand for creative office property in El Segundo continues to accelerate and we are excited to develop these properties to meet tenant demand, while bolstering the aesthetics and quality of our neighborhood.”


Image: Griffin plans to build four buildings with total space of 240,000ft². (Credit: Business Wire)

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