Tuesday, August 5, 2014
SpaceX Plants Long Term Roots In LA
It looks like Hawthorne-based SpaceX is confident it will keep its headquarters in Hawthorne for quite a long time--despite setting up a commercial launch facility in Texas this week--based on details on the recent sale of the company's leased headquarters---at 1 Rocket Road in Hawthorne--to a commercial real estate investment trust. According to the company Chambers Street Properties, it just purchased the SpaceX property, which includes roughly 510,000 square feet right next to the Hawthorne Municipal Airport, in a deal worth $46.7M. As part of that transaction, Chambers Street said that the property is fully leased on a a net lease basis through January 2023. The only tenant at that location is SpaceX, the commercial rocketship company headed by Elon Musk. Chambers Street said that the South Bay area has a "significant" concentration of technology, engineering and design companies. Technology startups typically sign much shorter term leases -- if they lease at all--given the unpredictability of their businesses.