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Barker Pacific Unveils $30M Renovation
EL SEGUNDO, CA-The Los Angeles-based Barker Pacific Group has unveiled plans for a $30 million renovation of the 330,000-sf 101 Continental Blvd. office building, formerly known as Xerox Centre. Barker will bring in Richard Keating of Pasadena-based Keating Khang Architecture to upgrade the building to class A status, the company says of the 35-year-old, 15-story office tower.
Michael Barker, managing director of the company, points out that the building will now be called by its street address, 101 Continental Blvd., after years of being named for its primary tenant, Xerox. Barker describes his company's plan as a comprehensive renovation to upgrade the public areas and tenant spaces throughout the building as space becomes vacant through lease expirations.
The plan is expected to attract new tenants at higher lease rates, which continue to rise in the El Segundo market. Built in 1972, the 101 Continental building has 107,000 sf of space available for sublease and is still partially occupied by Xerox Corp., which has leased space there since 1983.
The 101 Continental building is situated in the middle of the El Segundo office market and is adjacent to the Los Angeles International Airport commercial district. Barker Pacific bought a 50% stake in the property in 2003 and acquired the remaining 50% in 2005.
Besides the office tower, the property includes a 230-stall subterranean garage and an adjacent parking lot with additional parking, for a total of 1,330 spaces. The building also features an an on-site cafeteria and a fitness center.
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