Homart Development Co., the building subsidiary of Sears, Roebuck & Co., has formed a joint venture with Xerox Corp. for the development of a $90 - million office building complex in El Segundo. The new complex will be located on a 5.4-acre site between Sepulveda and Continental boulevards, one mile south of Los Angeles International Airport.
Plans call for twin 12-story office buildings containing 510,000 square feet of space and 1,800 parking spaces.
Construction on the first 12-story building began last fall, with completion scheduled for December. Xerox plans to occupy about 50,000 square feet.
Homart also has under construction a $40-million to $50-million office building in San Diego's Mission Valley, Centerside II.
In addition, the Sears subsidiary has just opened a 24-story office building at 11755 Wilshire Blvd. in Brentwood.