Skin-care firm Murad to move offices to another El Segundo site
Skincare giant Murad Inc. will relocate its global headquarters to another location in El Segundo in a $35-million move.
The maker of beauty and health products sold in 41 countries agreed to lease 45,000 square feet in Continental Park, an office and retail complex near Los Angeles International Airport.
“We are growing in size,” General Manager Richard Murad said, adding 50% more space than it has in its current offices nearby. The company will have about 350 employees in its headquarters when it moves from Rosecrans Avenue to 2121 Park Place early next year.
It will cost the company about $35 million to prepare its space in the new location and then rent it for 12 years, Murad said.
The business was founded in 1989 by dermatologist Howard Murad as a way to sell his skincare formulas intended to combat the effects of aging, reduce acne and prevent sun damage. Richard Murad is his nephew.
Murad’s flagship spa on Rosecrans Avenue will get a makeover but remain in place, Richard Murad said. The company also has a distribution center in Torrance.
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The company’s new landlord, Continental Development, started catering to the aerospace industry’s need to expand in the 1950s. It now owns more than 3 million square feet of commercial space in El Segundo. It has added stores, restaurants and theaters to its office park in an effort make the place more appealing to tenants.
Continental’s Park Place historically held “back-office space,” real estate broker David Kluth said, for companies that had their executive headquarters in more prominent locations.
Now El Segundo is emerging as a lower-rent alternative to creative companies and technology firms that find themselves priced out of Santa Monica, Playa Vista and Culver City, said Kluth of Newmark Grubb Knight Frank.
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