Nikon, Pinnacle Leases Fill 50,000 SF

EL SEGUNDO, CA-Camera maker Nikon Inc. and Pinnacle Travel Services have signed long-term leases totaling more than 50,000 sf in what market-watchers call a resurgence of the office market here. Nikon’s deal is for 20,000 sf at Continental Park and Pinnacle’s space is in a Kilroy Realty building at 185 Douglas St.

Nikon’s deal is for 20,000 sf of ground-floor class A space at Continental Park, where the optics specialist plans to relocate its primary West Coast facility this month. Nikon has signed a seven-year, triple-net lease within Continental Development Corp. for space at 841 Apollo St. Terms of the deal were undisclosed, but asking rates for the space at 841 Apollo range from $2.25 to $.40 per sf per month, triple-net.

The tenant was represented by Bob Healey of the Torrance office of CB Richard Ellis. Continental Development Corp. was represented internally by Bob Inch, VP of marketing.

Nikon’s facility in El Segundo will house the servicing and testing of Nikon products, with part of the facility to be dedicated to showcasing the history of cameras, binoculars and other optical instruments. Inch notes that the newly renovated, four-story, 104,000-sf foot building provides 25,000-sf floor plates.

In the Pinnacle Travel Services lease, the tenant has signed for 30,445 sf for seven years at 185 Douglas St., according to Studley’s David Kluth and David Kimball, who represented the travel services firm. The new facility will house a call center for Pinnacle, which will occupy approximately half of the 61,000-sf building in September 2005.

The lease represents an expansion for Pinnacle, which has additional office locations in Downtown Los Angeles and Riverside. James D. Jandro of CB Richard Ellis represented landlord Kilroy.