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| 1558 10th Street, Santa Monica, CA |
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| Randy Starr |
Los Angeles, CA – Avison Young, the world’s fastest-growing
commercial real estate services firm, announced today that it has completed a
seven-year office lease with Cross Campus, a Santa Monica, CA-based business
that provides co-working space for entrepreneurs, creative, and mobile
professionals. Cross Campus will occupy 13,337 square feet at 1558 10th Street in Santa Monica.
Avison Young
Principal Randy Starr and Tim Dornan, a Vice-President in in the
company’s Santa Monica office, represented Cross Campus as well as the property
owner, Tenth & Colorado Associates Ltd., in the transaction.
Cross Campus will be
relocating and expanding from its current Santa Monica premises just two blocks
away at 820 Broadway. The company anticipates that it will occupy its new space
in early 2014.
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| Tim Dornan |
Built in 1942, the
building has a bow truss ceiling and offers an open-floor plan ideal for
creative space.
“This property
offered a prime Silicon Beach location as well as the opportunity for Cross
Campus to make improvements that fit its creative culture,” says Starr.
“Locations like this
are few and far between, as the market for office space in the Santa Monica
area is highly competitive and is getting tighter. The vacancy rate in Santa
Monica has decreased from approximately 12% in 2012 to 6% in 2013.”
1558 10th Street is
located near the major cross streets of 9th Street and Colorado Avenue with
easy access to the 10 and 405 freeways, Los Angeles International and Santa
Monica airports, and is located along the Expo Line expansion that is set to
begin running to Santa Monica in 2015.
“We were fortunate
to partner up with an unbelievable real estate team in Randy Starr and Tim
Dornan of Avison Young. They understood our business and helped us negotiate a
favorable deal on the space,” says Ronen Olshansky, co-founder and CEO
of Cross Campus.
“With this new space, which is about 30% larger than our
previous space, we will be doing an extensive renovation in order to offer
private offices, more meeting rooms, and a bigger, better event space for our
members.”
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
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