Los Angeles – 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 (sf) 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.
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.”
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.