PRESS RELEASE: Avison Young Completes Office Lease with GumGum, Inc.
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm,announced today that it has completed a five-year office lease valued at $1.35 million with GumGum, Inc., an image-based advertising firm. GumGum will occupy 4,390 square feet (sf) on the sixth floor of the historic Clock Tower building at 225 Santa Monica Blvd. in Santa Monica, CA.
Avison Young Principal Randy Starr, based in the company’s Santa Monica office, represented GumGum in the transaction. Michael Preiss of rsfLA, Inc. represented the building’s owner, Sorgente Group of America Corp.
“I showed my client every available office location in Santa Monica,” comments Starr. “The Clock Tower is one of the most desired, creative-space addresses for technology and entertainment businesses within Silicon Beach. This prestigious space will help GumGum attract and retain some of the area’s best talent.”
Starr adds: “This transaction with GumGum marks the first new tenant to sign a lease at the property since Sorgente Group acquired it in April of this year.”
Built in 1929, the 12-story Clock Tower is Santa Monica’s second-tallest building. The landmark property offers tenants unobstructed ocean views and was recently fully restored while maintaining its art deco architectural style. Other building tenants include: TrueCar, Inc., LivingSocial, Inc. and Gerber Group.
GumGum will be relocating and expanding from its current Santa Monica location at 1207 4th Street where it occupies 2,400 sf. The firm anticipates occupying its new space in January 2014.
Founded in 2007, GumGum invented the image-based advertising category and has grown to become the largest premium in-image advertising platform for publishers and brands. GumGum is headquartered in Santa Monica and has offices in New York, Chicago, San Francisco and Detroit.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 53 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.