Grand Avenue Corporate Center
Kearny purchased the unentitled 23 acre property for approximately $3 million as part of the $300 million Chevron Land portfolio acquisition in 1996. Kearny master planned the project, processed the entitlements through the City of El Segundo, remediated soil issues and abandoned and capped several oil wells. In 1998, Kearny started construction of Grand Avenue Corporate Center.
Today, the $150 million mixed-use project includes a 162 room Hilton Garden Inn, a 150 room Marriott Residence Inn, the 134,000 sf Lakers/Kings Training Center, and Infonet‘s 156,704 sf corporate headquarters which Kearny developed as a build-to-suit. A 124,527 sf four- story class A office building was completed in 2001 on the last parcel in Grand Avenue Corporate Center. Kearny designed and permitted the building, and then sold the parcel and building plans to Opus in July 2000.
“Kearny was able to turn 23 acres of former Chevron production land into a master planned development that is now home to the Hilton and Marriott Hotels, Infonet Services Corporation, the training complex for the Los Angeles Lakers, Kings and Sparks and a new 125,000 square foot, multi-tenant Class “A” office building. Through Kearny’s exhaustive efforts over four years, and with the support and cooperation of the City of El Segundo, they were able to create an excitement throughout the community. The project is a real gem for the City of El Segundo.”
- Jim Hansen, Director of Community, Economic, & Development Services, City of El Segundo
From this $3 million land purchase, Kearny generated $23 million in profits from value added entitlements, land sales and development.