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Xerox Center to be Renamed

El Segundo's Xerox Centre building, which has housed the famed document equipment company for nearly a quarter of

a century, will take on a new name amid a major upgrade.

The 15-story structure will be named after its street address, 101 Continental Boulevard.

Stamford, Conn.-based Xerox Corp. plans to move its 200 employees out of the building by November, when the firm's

lease ends.

These employees will relocate to two other Xerox facilities in El Segundo, at 701 South Aviation Blvd. and 555 South

Aviation Blvd.

The move is part of a five-year plan "to make better use of our leased space," Xerox spokeswoman Sandy Mauceli said

in an e-mail.

Xerox, which moved into its namesake building in 1983, occupies four floors and subleases other space.

The company employs about 800 people in El Segundo in functions that include engineering and product development.

The Xerox Centre's owner, Los Angeles-based developer Barker Pacific Group, plans to spend about $30 million to

upgrade the building to Class A standards.

Barker Pacific and partner Baupost Group purchased a 50 percent stake in the 330,000-square-foot building in 2003,

and acquired the other 50 percent two years later.

Renovation work will begin in the next few months with completion expected by the end of 2008, said Michael Barker,

managing director of Barker Pacific.

"We're still in the final planning stages," Barker said.

The upgrade will include improvements of all common areas with new finishes and overhauled elevators and

restrooms.

Tenant spaces will be improved as their leases end, Barker said.

Richard Keating, an architect with Pasadena-based Keating Khang Architecture, is leading the renovation's design.

Constructed in 1972, the Xerox Centre sits on a 10.5-acre lot. It has 230 subterranean parking spaces with 1,070

additional adjacent parking spots.

The building is located near the intersection of El Segundo and Sepulveda boulevards.

Despite El Segundo's status as home to major corporations such as Mattel Inc. and The DirecTV Group, the city has a

soft office market with a vacancy rate of about 12 percent.

"But it's a rapidly improving office market that has tremendous leasing activity now," said Bill Bloodgood, senior vice

president with real estate services giant CB Richard Ellis. "I think the timing for 101 is very favorable in the market. I

think it's a very good building that ... is going to be very well positioned in the market once the renovation he plans is

complete."


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