The owners of The Strand in Huntington Beach, CAPREF Strand LLC, and Cushman & Wakefield announced today that global advertising agency Innocean Worldwide has successfully executed a lease renewal including a planned expansion of its headquarters at the coastal property.
Innocean Worldwide’s recent lease transaction increases its total occupancy to 35,228 square feet in the seaside project, which has served as the company’s headquarters for several years.
Innocean Worldwide, which represents clients such as automobile manufacturers Hyundai and Kia, signed a 10-year lease. Composed entirely of creative office space, the advertising company’s headquarters are located on the top two floors of the three-story building located at 180 5th Street, one of four buildings that comprise The Strand.
“We are excited to have Innocean Worldwide continue its successful operation at The Strand for at least another ten years,” said Lance W. Taylor, CCIM of CAPREF Strand LLC. “The company is known for its creativity and entrepreneurial attitude -- traits that make the agency a perfect fit for The Strand and Huntington Beach.
The owners would like to recognize Jason Ward of Cushman & Wakefield’s Irvine office (the owner’s representative) and Jason Fine of JLL (the tenant’s representative) for their active and important participation throughout the negotiations Jason Ward adds that “The asset is located in one of the most popular beach communities in the U.S., the company’s creative office headquarters is truly unique, offering panoramic ocean views, a vibrant coastal vibe, and walking distance to the beach and the iconic Huntington Beach Pier.”
About The Strand
The Strand was constructed in 2008 and is made up of four buildings situated in the heart of “Surf City USA” – Huntington Beach, an established coastal community located approximately 40 miles south of Los Angeles and 90 miles north of San Diego in the heart of Orange County. A vibrant mixed-use urban development, The Strand boasts a dynamic tenant lineup, including ground-floor retail featuring Rip Curl, Skechers, Forever 21, Ritter’s Steam Kettle Cooking, Active Ride Shop and Bruxie Gourmet Waffle Sandwiches. The property also showcases two floors of upper-level office space plus the Kimpton Shorebreak Hotel. The Strand is located at the corner of Pacific Coast Highway and 5th Street adjacent to the world-famous Huntington Beach Pier. More information may be found at www.thestrandon5th.com.
About CAPREF Strand LLC
Cypress Acquisition Partners Retail Fund, L.P. (CAPREF) is an opportunistic real estate fund exclusively focused on acquiring value-add retail real estate and is comprised of a diverse investor base, including public and corporate pensions; sovereign wealth funds; endowments; foundations; family offices; and fund of funds investors. Launched in June 2012, CAPREF held a first closing on May 31, 2013, with the goal of raising $300 million. Based upon stronger-than-anticipated investor demand, CAPREF increased its limit to $400 million and reached that hard cap on June 20, 2014. CAPREF owns retail assets throughout the United States, including Lloyd Center in Portland, Oregon; Eden Prairie Center in Eden Prairie (Minneapolis), Minnesota; Brookwood Village in Birmingham, Alabama; Burbank Town Center in Burbank, California; Paseo Colorado in Pasadena, California; among others.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
