Boston Properties Inc. has acquired a 50% interest in the joint venture that owns Beach Cities Media Campus.

The 6.4-acre site in El Segundo is entitled for a 275,000-square-foot creative office development.

Continental Development Corp. is also working on the project. Continental Development is based in El Segundo and has had a large number of buildings in the area for decades.

“Our teams have been exploring partnership opportunities for some time now,” Richard Lundquist, president of Continental Development, said in a statement. “We are thrilled to officially establish a relationship with Boston Properties on this fantastic site.”

“Our collective and longstanding experience in enhancing communities through building high-quality projects will lead to the delivery of a world-class media campus and serve as the capstone to the Continental Park campus,” he added.

The El Segundo site is Boston Properties’ third investment in L.A. It entered the market in 2016.

Boston Properties Chief Executive Owen Thomas said in a statement that the deal “provides a fully entitled site, located in a desirable submarket to support future development.”

Jonathan Lange, vice president of the Los Angeles region for Boston Properties, in a statement called El Segundo the “South Bay’s most dynamic submarket.”

“El Segundo is one of Los Angeles’ most in-demand submarkets, attracting today’s top technology, media, aerospace and biotech companies,” he said.

The city is best known as an aerospace hub and for its Chevron refinery. In recent years, other industries have moved to the 5.5-square-mile city, as well.

Its location near Los Angeles International Airport, beach cities and the Westside, as well as a lower price points than Westside cities, have led El Segundo’s office market to boom.

In the second quarter, the city had a vacancy rate of 14.6%, down from 19.4% the previous year, and the asking rate for Class A properties was $4.46 a square foot, up 12 cents in a year, according to data from Jones Lang LaSalle Inc.