An online and mobile gaming division of casino operator Caesars Entertainment Corp. in Reno, Nev., is preparing a large expansion in Santa Monica.
The gaming division, Caesars Interactive Entertainment Inc., has signed a 22,000-square-foot office lease for the top floor of 2120 Colorado Ave. with landlord Equity Office Management LLC. Terms of the five-year deal were not disclosed but CoStar Group Inc. lists average monthly rents of $4.45 at the building. That would put the lease value at about $5.9 million.
In growing the division, Caesars recently acquired Santa Monica’s Buffalo Studios, the creator of online and mobile bingo game Bingo Blitz. Buffalo occupies about 12,000 square feet among multiple buildings in Santa Monica but will now be consolidated into the new space, which’s big enough to accommodate future growth.
Dave Toomey, principal at Cresa Los Angeles who represented Caesars in the deal, said that the expansion is a welcome sign to the growing Silicon Beach community.
“It’s exciting to have a company like Caesars come into Los Angeles,” Toomey said. “They have deep pockets and capital to grow the business but are looking to grow here in Santa Monica and not in Vegas or somewhere else. So it’s a win for the L.A. tech community.”
The Colorado office space was most recently home to Google Inc., which consolidated its offices into Venice’s Binoculars Building in 2011. Before that, it was home to technology firms such as eCompanies, an incubator that spawned Business.com and LowerMyBills.com.
Caesars plans to move in by the end of the year.
Brian Davies of Cresa Los Angeles also represented Caesars Interactive in the transaction. The landlord was represented in-house by Gail Goldstein, and Scott Rigsby and Jim Jacobsen of Industry Partners, and Randy Starr and Tim Dornan of Avison Young Inc.
Jack’s Wholesale Candy & Toy Co. is getting updated digs.
The company, which has been among the leading American and Mexican candy wholesalers and distributors in downtown Los Angeles for more than 80 years, is building a headquarters at 777 S. Central Ave.
American Construction Management & Engineering Inc., a woman-owned small business based in Pasadena, will build it and South Pasadena’s Cataldo Architects Inc. will design the property.
The new building will have about 40,000 square feet of warehouse space. That will nearly double the amount of space Jack’s has at its current location at 1244 E. Eighth St., near Olympic Boulevard and Central Avenue.
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