Online car sales platform TrueCar Inc. announced that it will move its headquarters to 1401 Ocean Ave. from 120 Broadway, expanding its Santa Monica headquarters presence.
The company, which raised $70 million in a May initial public offering, signed a lease earlier this month for 33,700 square feet at Portofino Plaza, a 48,000-square-foot Class A office building. TrueCar, which will nearly double the size of its offices with the move, will occupy the entire two-story office component of the three-story building.
Terms of the lease were not disclosed, but real estate sources familiar with Ocean Avenue office rents estimate the deal was valued at between $25 million and $30 million.
Scott Painter, founder and chief executive of TrueCar, said the beachfront building, which also sits just one block from Third Street Promenade, will help draw and retain talented employees.
“This move is key to our efforts to drive growth and to attract top-shelf talent,” he said in a statement. “Tech employees love living and working in Silicon Beach.”
The company plans to move in next summer, after Culver City architect Russell Shubin of Shubin + Donaldson Architects designs and builds out the space. The company’s expanded footprint will accommodate up to 400 employees. It will maintain its 17,000-square-foot presence at its former headquarters.
Arlene Sommer, Mark Robinson and John Doyle in the West L.A. office of Cushman & Wakefield Inc. represented the tenant in lease negotiations, and landlord Mani Brothers Real Estate Group handled the deal internally