Figs, an online medical apparel retail startup, is in lease negotiations for 26,118 square feet at the Santa Monica Gateway, a newly developed office complex at 2834 Colorado Avenue in Santa Monica, according to a release from CBRE, which is representing the tenant in the deal. The company will occupy almost the entire first floor, for 10 years.
Kent Handleman of Lincoln Property Company is representing the landlord, Colorado Creative Studios, in the transaction. Handleman declined to comment until the lease is complete, which he expects soon.
Figs will be relocating its headquarters from 11390 West Olympic Boulevard in West Los Angeles, to the 200,000-square-foot property in the third quarter of 2019, after redesigning the space to fit the Scrubs company’s needs, according to Jeff Vertun, who, along with CBRE’s Jacob Bobek and Scott Steuber, represented Figs.
Vertun said that Figs needs more space to accommodate additional hires and improve the company’s “facilities and physical experience.”
“Santa Monica is home to some of L.A.’s top creative companies, has excellent walkable amenities, easy Expo Line access, is safe for employees, and [is] a generally pleasant place to live work and play,” he said in prepared remarks. “For those reasons, it was the target market all along and will aid Figs in attracting and retaining top talent in an increasingly competitive labor market.”
The property, which consists of two, four-story buildings, counts Lionsgate Entertainment, Starz and Gwyneth Paltrow’s lifestyle company Goop, which signed a 57,000-square-foot, 10-year lease last August, as The Real Deal reported, as tenants.
from Commercial Observer http://bit.ly/2RaAyeE