July 27, 2015— Direct marketing firm Guthy-Renker has signed a lease for 90,000 square feet in El Segundo, and will move its headquarters from Palm Desert in July 2016.
The 10-year lease for the top three-and-a-half floors of 100 N. Sepulveda Blvd., signed earlier this month, is valued at $33 million, according to estimates from sources familiar with the market. The 507,000-square-foot Class A office building is one of three towers that make up PCT, formerly dubbed the Pacific Corporate Towers.
The lease will consolidate Guthy-Renker’s executive offices in Palm Desert and its marketing office in Santa Monica. Together, those sites account for roughly 87,000 square feet, making the move a slight expansion. The company has been at its Palm Desert location for 27 years and its Santa Monica location for 18 years.
“This Guthy move to PCT is the largest (Westside) move and certainly the highestprofile tenant to move to El Segundo in many years,” said CBRE Group Inc.’s Grafton Tanquary III, who along with John Ayoob represented the landlord, a pension fund managed by New York investment advisement firm BlackRock.
The company chose El Segundo because the rent was reasonable and it is close to where most employees live, said Dirk van de Bunt, executive vice president of GuthyRenker. The company wanted to be in creative space but also reap the amenity advantages of a corporate tower, said Bruce Schuman of Savills Studley, who represented GuthyRenker along with Matthew Miller and Sean Westgate of Cresa Los Angeles.[button href=”http://www.cresa.com/plot-sale-reflects-lots-of-interest” style=”emboss” size=”medium” color=”#1e73be” hovercolor=”#dd9933″ target=”_blank” icon=”external-link”]Source: Cresa[/button]