DOWNTOWN ‚Äî Commercial real estate services firm Avison Young announced it has completed a five-year office lease valued at $1.35 million with GumGum, Inc., an image-based advertising firm.
GumGum will occupy 4,390 square feet on the sixth floor of the Clock Tower building at 225 Santa Monica Blvd., just steps from the Third Street Promenade.
Avison Young principal Randy Starr, based in the company‚Äôs Santa Monica office, represented GumGum in the transaction. Michael Preiss of rsfLA, Inc. represented the building‚Äôs owner, Sorgente Group of America Corp.
“I showed my client every available office location in Santa Monica,” Starr said. “The Clock Tower is one of the most desired, creative-space addresses for technology and entertainment businesses within Silicon Beach. This prestigious space will help GumGum attract and retain some of the area‚Äôs best talent.”
Silicon Beach is a termed used to describe Santa Monica and Venice, now home to many technology start-ups.
Starr said this transaction with GumGum marked the first new tenant to sign a lease at the property since Sorgente Group acquired it in April of this year.
Built in 1929, the 12-story Clock Tower is Santa Monica‚Äôs second-tallest building. The property offers tenants unobstructed ocean views and was recently fully restored while maintaining its art deco architectural style.
Other building tenants include TrueCar, LivingSocial, and Gerber Group.
GumGum will be relocating and expanding from its current Santa Monica location at 1207 Fourth St. where it occupies 2,400 square feet. The firm anticipates occupying its new space in January 2014.
Founded in 2007, GumGum invented the image-based advertising category and has grown to become the largest premium in-image advertising platform for publishers and brands.
GumGum is headquartered in Santa Monica and has offices in New York, Chicago, San Francisco and Detroit.