Robert Flaxman, president and CEO of Crown, says BAE will relocate to Wateridge from facilities near Santa Monica Airport, at Airport Avenue and Bundy Drive.
The aerospace firm's new address at Wateridge will be 5140-5150 Goldleaf Circle, in an unincorporated area of Los Angeles County bordering Marina Del Rey, Playa Vista and Culver City.
BAE looked at over 50 alternatives for space in the Greater Los Angeles area before choosing Wateridge, says Jerry Porter of Cresa Partners, who represented BAE along with Cresa's Matthew Miller. Crown Realty & Development was represented by Jeff Pion, Deron White and Lynn McCarthy of CB Richard Ellis.
Porter tells GlobeSt.com that BAE is scheduled to move into its new space in June next year but could move as early as April. The company has 200,000 sf of buildings at its existing location, Porter tells GlobeSt.com. He says BAE will transfer its manufacturing operations back East but will keep its design, engineering and laboratory testing facilities at the Wateridge space.
Wateridge Two is the second phase of development at the Wateridge office development, where an existing 330,000 square feet of class A office space is currently 99% leased.
Crown Realty, founded in 1994, is a privately owned developer and investor with a portfolio of properties owned by Crown and its affiliates that exceeds $400 million in value. BAE Systems Controls provides of electronic controls and avionics for military and commercial aircraft.
The BAE lease is the second major transaction announced this week by Crown. As reported earlier this week on GlobeSt.com, the company acquired Carlton Plaza, a 153,000-sf class A office building on Ventura Boulevard in Woodland Hills for $21.5 million.
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