Media Firm Prodege Moves HQ Into 35K SF El Segundo Space
Another media firm is moving its headquarters to Los Angeles’ coastal office market.
The online marketing firm Prodege signed a 35,000-square-foot lease in Atlas Capital Group’s creative office campus in El Segundo, Calif. The company will move in August 2021 to the 102,000-square-foot building located at 2030 East Maple Avenue near Nash Street.
JLL (JLL) represented Atlas and announced the deal, but said the owners declined to share lease details. Earlier this year, the brokerage was asking $3.85 per square foot modified gross, or $4.25 per square foot for full-service gross, one broker told Commercial Observer. That would put the value of the lease at $1.62 million to $1.79 million per year.
Atlas acquired the property for $39 million from SteelWave and an entity tied to Goldman Sachs (GS) in July 2018, after the two firms completed a renovation. It was previously a Raytheon research building, and it’s about half-mile from Hackman Capital’s massive renovation underway at a former Northrop Grumman site.
The lease shows continued demand and faith in the office market in El Segundo. In late October, Royal Bank of Canada agreed to supply a $125 million loan for the 260,000-square-foot creative office owned by Tishman Speyer, about two miles north of the Maple Avenue building.
Atlas also owns The Box Yard in Downtown L.A., which spans 261,528 square feet, and paid $72 million for a 346,000-square-foot office on Marengo Avenue in Pasadena.
JLL’s Steve Solomon and Kristen Bowman represented Atlas Capital Group in the lease, while David Toomey at Cresa represented Prodege.