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Aerospace Firm to Relocate Near LAX

July 03, 2002|ROGER VINCENT | TIMES STAFF WRITER

BAE Systems Controls will leave its longtime home near the Santa Monica Airport next year and head toward Los Angeles International Airport in a move that allows the aerospace company to cash in the value of its Westside real estate.

BAE has signed a 10-year lease valued at $47.85 million for 150,000 square feet of space at Wateridge Two, a new office building on Goldleaf Circle in an unincorporated area of Los Angeles County bordering Marina del Rey, Playa Vista and Culver City.

The company, which makes electronic flight and engine controls for defense and commercial aircraft, in December sold the 10.4 acres that the manufacturer had occupied since the 1950s at Airport Avenue and Bundy Drive in Los Angeles.

When BAE put its property on the market a year ago, industry observers predicted the site would sell for $35 million or more. The Westside office market had cooled by the end of last year. BAE received $30 million from Santa Monica City College for the site and has an agreement to occupy offices there as a tenant through June 2003.

The landlord of Wateridge Two is Newport Beach-based Crown Realty & Development. Cresa Partners represented BAE in the lease. Crown Realty was represented by CB Richard Ellis.

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