Opus Sets Big South Bay Project

EL SEGUNDO, CA—Opus West Corp., the Phoenix-based developer that’s been raising its stakes on the West Coast, has announced plans to build a $30-million office complex on a parcel it recently purchased here in the South Bay. Earlier this year, Opus West paid $5.5 million to LA-based Kearny Real Estate Co. for the four-acre parcel at Grand Avenue and Nash Street inside Kearny’s master-planned Grande Avenue Corporate Center. Though initial plans call for Opus to build 126,000 sf of office space, the site is already entitled for 224,000 sf—meaning that Opus might well launch a second phase if the first 126,000 feet fill up quickly.The office market here and in other parts of the South Bay have strengthened over the past several months, as tenants in the pricey West LA market a few miles north look for cheaper space to handle their expansion requirements. Opus West plans to break ground within a few months and open the project’s doors in the final quarter of next year.