IN THIS ISSUE:
UPCOMING EVENTS:
Early 2009 >
Frank Gehry to open new world headquarters in El Segundo
POLL:
How many years have you been doing business in El Segundo?
El Segundo has a daytime workforce population of 85,000--five times larger than its residential population of 17,000.
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A MESSAGE FROM THE MAYOR
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I was recently a panelist at a major conference which focused on the powerful impact which the creative industry has on our region's economy.
Mattel CEO Bob Eckert, who was also on the panel, opened his remarks by declaring that "without a doubt, El Segundo is the most-business friendly city" out there. I was pleased and proud that the head of the world's biggest toy maker, headquartered in El Segundo, would give us such a rousing endorsement.
Mr. Eckert's comment told me that our city is now a primary destination for creative sector business. It also made me grateful that despite the nation's uncertain economy, it is still business as usual for us in El Segundo.
Thanks to our diverse business community, the continued strength of our aerospace and high-tech companies, favorable lease rates and low taxes, and proactive city staffers who bend over backwards to accommodate our businesses, both large and small, El Segundo continues to thrive in even these unprecedented times.
Our city just passed a balanced budget--beating the state to the punch in the process--and I am happy to report that our revenue projections are higher than our initial year-end estimates, thanks primarily to continued strong activity from our business core.
A number of major projects are on-line, including the just-started construction of a new state-of-the-art fire station to service our business community, commercial developments such as Campus El Segundo and Segundo Business Park that will provide much-needed Class-A commercial space for a variety of prospective tenants, and several proposed new hotels to fortify our growing business travel market.
Getting back to the creative realm, we've just adopted a new filming ordinance that will limit impacts from TV and movie shoots on our business community and residents while at the same time facilitating the permit process to make it easier for production companies to work in El Segundo. The new ordinance is said to be so efficient that the State Film Commission may adopt it as a model for other cities.
It's another example of why El Segundo was named the inaugural "most business friendly city" in Los Angeles County by the LAEDC. We work with our business partners to find solutions and create an environment in which they can flourish.
If you have designs on a new home base to achieve your business dreams, please keep our city in mind. Our capable staff is here to answer your questions and acclimate you to the many benefits of setting up shop in El Segundo.
You can also learn about us by logging onto http://www.themostbusinessfriendlycity.com
Sincerely,
Mayor Kelly McDowell
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EL SEGUNDO AT FOREFRONT OF CREATIVE ECONOMY
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El Segundo Mayor Kelly McDowell and Robert Eckert, CEO of El Segundo-headquartered Mattel, Inc., were featured panelists at an October 1 Otis College of Art & Design-sponsored event discussing the findings of a newly released report detailing the impact of the creative economy on the Los Angeles region.
The 2008 report, the first truly comprehensive analysis of its kind, was presented by Kyser Center for Economic Research (LAEDC) Vice President and Senior Economist Dr. Nancy Sidhu, and confirmed the creative industry's place as one of the region's largest business sectors--responsible for nearly one million direct and indirect jobs in LA and Orange counties, more than $3.8 billion in tax revenues, and nearly $100 billion in sales/receipts.
That industry is especially burgeoning in El Segundo, long-established home to such luminaries as Mattel, DirecTV, and Otis College itself. Add to those the recent high-profile arrivals of internationally renowned architect Frank Gehry, advertising giants David and Goliath and Ignited Minds, Time Warner Cable and other leading firms in the field, not to mention the city's continued prominence as one of the top filming locales in the Southland, it is no wonder El Segundo has become a leading hub for the creative world.
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EL SEGUNDO MORE ACCOMMODATING THAN EVER
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To cater to the city's growing business clientele, several exciting new hotel developments are in the works on El Segundo's east side. The first officially announced, Starwood Hotels & Resorts will build the six-story, 167-room Aloft El Segundo at the intersection of Continental and El Segundo boulevards with a June 2010 scheduled opening date.
Incorporating an urban-influenced modern design at an affordable price, Aloft will offer many amenities as well as conference space for business travelers. Starwood, one of the world's largest hotel and leisure companies, is also responsible for such brands as St. Regis, W Hotels, Westin, Sheraton and Le Meridien. The El Segundo Aloft will be among the first 20 such hotels to open worldwide.
Meanwhile, plans for up to three additional hotel projects are currently in the works with additional details to be published in upcoming months.
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COM DEV PUTS FUTURE IN THE MICROWAVE
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COM DEV USA, a leading global designer and manufacturer of space hardware systems with its American headquarters in El Segundo, has expanded into the design and production of passive microwave components for the U.S. government's civil space program. The company has just announced its first production win in the microwave business with what is expected to be an $18 million-plus contract. Design and production work will be performed at the company's manufacturing facility in El Segundo, another major coup for the local aerospace industry.
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NORTHROP GRUMMAN EXPANDING SPACE AND PROFITS
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In August, aerospace giant Northrop Grumman Corporation inked a 10-year, $120 million lease to assume the entire 16-story, 333,000-square foot Xerox Centre office tower at 101 Continental Blvd.
It is one of the largest commercial lease deals in El Segundo's history and will allow Northrop Grumman to expand its Integrated Systems and Information Technology sectors, while providing additional space for corporate office administrative and engineering support functions.
Northrop Grumman, which recently reported 10 percent revenue growth, is expected to complete the move by next summer.
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EL SEGUNDO GETTING MOST OUT OF LEASED
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Thanks to the Northrop Grumman deal and other recent key signings, El Segundo has seen its office vacancy rate dip below the 10% mark for the first time in over eight years--a testament to the city's growing desirability as a business destination.
According to the latest independent office market reports released by CB Richard Ellis, Colliers International, Grubb & Ellis and Cushman & Wakefield, El Segundo's asking rental rates are running on average about half of those of West Los Angeles--and in some cases even lower.
With per square foot rates well below $3.00 coupled with a prime location and top-flight amenities, El Segundo has become the most viable alternative to the much pricier west side.
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STAY IN THE KNOW
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Since debuting a year ago on our website www.elsegundobusiness.com, our "News Links" feature has become a popular and valuable one-stop resource for locating important news items about business in El Segundo. From the latest aerospace contract details to new development announcements and Fortune 500 company quarterly earnings, News Links is a quick and convenient way to stay up-to-date and in-the-know on El Segundo.
The public is also invited to post its own News Links to be included on www.elsegundobusiness.com (subject to approval).
The section also conveniently includes RSS capabilities to add to your RSS or SML reader or as a feed to your own website. So when a new article is posted, you or your audience will be automatically notified.
Check it out today and be sure to send us feedback to tell us what you think at: feedback@elsegundobusiness.com
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WE WANT YOUR INPUT
Let us know how we can best serve you.
Though we continually update our website and strive to provide you with the latest and most pertinent information about our city, there is always room for improvement.
We welcome your ideas.
What else would you like to see on elsegundobusiness.com?
Also, please take a moment to answer our current online poll on our 'Polls' page. Your responses help us serve you better and provide us with a deeper understanding of our business community.
POLL: How many years have you been doing business in El Segundo?
Please feel free to submit feedback to: feedback@elsegundobusiness.com
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