IN THIS ISSUE:
UPCOMING EVENTS:
Summer 2009 >
Equinix Data Center to Open
Gateway El Segundo Shopping Center Opens on Sepulveda and Walnut
El Segundo saved 22 million kilowatt hours of power last year solely from its reclaimed water use.
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A MESSAGE FROM THE MAYOR
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Despite the ongoing economic crisis aptly dubbed by my sister as "The Great Correction," a state in financial dire straits, and even some revenue declines within our own city coffers, El Segundo continues to thrive thanks to a stable business core and growth in several key industries.
As is the case in any solid long-term financial portfolio, diversity is everything--and El Segundo can claim that in spades. Our city prospers due to its strength in multiple business sectors, from aerospace to IT to creative media.
Certainly, the latest national statistics are disheartening and El Segundo is not immune to today's recessionary impacts. Yet our city has learned to adapt and has weathered the storm without sacrificing the high level of services it has always provided for its residents and businesses.
Thankfully, the numbers are far easier on the eyes here. For instance, El Segundo's unemployment rate currently stands at 5 percent--that's five percent too much for me, but still half that of the state or county... and not much different than it is during boom times. Meanwhile, our office vacancy rate is down to 9 percent, the lowest we've seen here in close to a decade and better than much of the rest of the region.
We've managed this by providing a business-friendly environment with low tax rates, first-class amenities, and accessible, proactive City staff to go along with our prime location. Our Eddy Award in 2006 as the first-ever "Most Business Friendly City" in LA County was testament to that commitment. The end result? Businesses small and large are now choosing El Segundo for their new home base--and there are definitely some household names on the list.
In the realm of creative media, our fastest growing sector, we'll soon welcome world renowned architectural firm Gehry Partners as well as Oscar-winning animation and visual effects studio Rhythm & Hues. Both opted to migrate from LA's west side to the comfy environs of El Segundo.
In April, we celebrated the grand opening of medical device leader KARL STORZ's new headquarters in El Segundo, further bolstering the stature of our local healthcare industry.
Aerospace continues to shine, with the recent move of The Aerospace Corporation to new local headquarters, Northrop-Grumman's consolidation of its space technology and integrated systems units into El Segundo, expansions by Boeing and Raytheon, and the arrival of notable newcomers such as SAIC and ComDevUSA--the latter the first foreign-owned defense contractor to set up shop here.
Though El Segundo still has ample room to grow, we also recognize that we must do so responsibly. Our city's commitment to green programs and initiatives has moved to the next level as we continue to look for ways to reduce our own greenhouse emissions while encouraging our businesses and residents to build green while saving energy and money in the process.
Indeed, we are in the midst of a challenging period that may get even tougher, but one would be hard-pressed to find a better place to spend the "Great Correction" than El Segundo.
To learn more about our community and find out about the latest commercial and office hot spots, log onto: http://www.themostbusinessfriendlycity.com
Or call us over at City Hall. We'll be happy to pour you a cup of joe and show you around town.
Sincerely,
Mayor Kelly McDowell
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EL SEGUNDO'S GOT RHYTHM... AND HUES
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In yet another boost to El Segundo's burgeoning creative media sector, world renowned Academy Award-winning animation and visual effects innovator Rhythm & Hues Studios will move its offices and personnel to the former Computer Sciences Corporation headquarters in early 2010.
Founded in 1987, Rhythm & Hues is best known for its computer-generated 3D character animation and has worked on more than 100 films, garnering Oscars for its work on 1995's Babe and last year's The Golden Compass. The company is also acclaimed for its work on a variety of well-known animated commercial campaigns.
The move will bring another 750 employees into El Segundo while further cementing the city's already formidable reputation as a creative media hub.
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KARL STORZ SETTLES INTO NEW HQ
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On April 21, internationally recognized medical device manufacturer KARL STORZ GmbH & Co. KG celebrated the grand opening of its new North American headquarters in El Segundo with a ribbon cutting ceremony attended by City officials and other dignitaries. The company purchased a 121,000 square foot facility at 2151 E. Grand Avenue after having leased space in Culver City for the past 15 years. The new building will house the company's U.S. subsidiary, KARL STORZ Endoscopy-America, Inc.
"In addition to size, quality and budget, we considered a range of factors in selecting our new headquarters," said Charles H. Wilhelm, President-Chief Operating Officer, KARL STORZ Endoscopy-America, Inc. "We took into account the proximity to our existing offices to minimize the impact on our current employees, especially with regard to commute times. We also considered factors of convenience, such as distance to public transit and local restaurants. The El Segundo location was found to be a very good fit in all respects."
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NEW PROJECTS SPUR SMOKY HOLLOW, DOWNTOWN DEVELOPMENT
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Two new office condo projects have begun to generate major interest in El Segundo's growing commercial market west of Sepulveda Boulevard.
In Smoky Hollow, the city's mixed-use industrial district known for cultivating incubator companies, crews have begun construction on a three-story, 24,000 square foot complex featuring 12 units of approximately 2,250 square feet each. The units, virtual replicas to those featured in the architecturally stunning Studio El Segundo complex on Franklin Avenue and Eucalyptus Street, include an indoor/outdoor kitchen and private a roofdeck area.
Project partners Matt Crabbs, Bill Ruane and Stewart Sackley hope to attract an array of creative professionals ranging from architects to graphic designers. The project will also aim for LEED certification for environmental responsibility.
Meanwhile Downtown El Segundo, Crabbs and partners will soon begin construction on a five-unit retail/office business condo complex at the corner of Main Street and Franklin. The building will feature a contemporary modern feel with Asian accents and units of approximately 2,500 square feet apiece.
The project design includes an open air feel with indoor/outdoor retail, a gourmet kitchen and 25 foot high ceilings. Upstairs will have executive offices with each having their own private 200 square foot deck. Half of the buildings will be allowed to be presold. The project is expected to be completed in late 2010.
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EL SEGUNDO UPS ENVIRONMENTAL ANTE
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Already a regional leader in promoting green programs and environmental responsibility, the City of El Segundo continues to up its eco ante. Among its accomplishments: El Segundo leads the state in percentage of reclaimed water used and is tops countywide in waste diversion.
The City recently received a "Flex Your Power" recognition from Southern California Edison for water conservation efforts, and garnered grant monies from local agencies to launch a banner program encouraging residents and businesses to save water.
In September, El Segundo will host the second annual South Bay Environmental Excellence Development (SEED) awards event honoring groups and businesses that exhibit top-rate performance in environmental sustainability. Prior to that, the City hosted several noteworthy local eco-events, including its second annual Environmental Expo on July 2 and a Free Gardening and Landscape Workshop on June 27. Free green building workshops are also in the works for this fall.
On a related note, the City's new Fire Station 2, currently under construction, is slated to be the South Bay's first LEED-certified public safety building. A number of local commercial developments are also set for LEED status, including KARL STORZ's new headquarters, the upcoming Los Angeles Military Entrance Processing Station and adjacent Segundo Business Park projects, and Equinix's new data center in the city's northeast quadrant. Meanwhile, BT's recent solar paneling project is the largest such endeavor in the Southland.
El Segundo has also begun to attract businesses with an environmental bent. Nano H20, a firm that incorporates nanotechnology as an innovative, energy- and cost-efficient approach to desalination and water reuse, is moving to 750 Lairport Street this summer.
And over on Main Street, you can find the only electric bike shop in the South Bay.
El Segundo has its own environmental action plan and an environmental committee dedicated to achieving a "more green and sustainable community." Over the past year, the City has installed LED traffic signals, procured energy-saving equipment and hybrid vehicles, while continuing to look for cost-effective ways to reduce greenhouse emissions.
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AEROSPACE CORP. SET FOR THE FUTURE
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Reinforcing El Segundo's position as a national aerospace and defense hub, The Aerospace Corporation celebrated its move into its brand new A9 headquarters building on April 21. The company, which has operated as a federally funded research and development center in support of national security, civil and commercial space programs since 1960, provides critical expertise to Space and Missiles Systems Center at Los Angeles Air Force Base as well as other national defense and space customers.
"This is a projection of the idea that we're here and here to stay," said Mike Drennan, Senior Vice President for Aerospace Operations and Support Group. "It gives us a new vitality with a modern environment, new communication instruments and hardware."
Additional evidence that The Aerospace Corporation will remain a local fixture is the pedestrian bridge project slated for September completion that will link its offices with Los Angeles Air Force Base. The bridge, which spans El Segundo Boulevard, symbolizes the partnership with SMC, according to Drennan. "We have people who live in Air Force Base buildings and the Air Force has people who live in our buildings," he said. "We'll be able to walk right across the street to one another."
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STAY IN THE KNOW
In addition to scanning our popular "News Links" feature, which provides updates on important news items about El Segundo business, be sure to check out our video player for important messages and reflections on 2008 from our City leaders--Mayor Kelly McDowell, Mayor Pro Tem Eric Busch and Councilmember Don Brann--as well as Los Angeles County Economic Development Corporation President Bill Allen.
Send us feedback to tell us what you think at: feedback@elsegundobusiness.com
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