TrueCar Commits to Silicon Beach - Leases 33,700 SF on Ocean Ave
After its recent IPO, TrueCar has committed to the heart of Silicon Beach with a long term 33,700 SF lease at 1401 Ocean Ave, commencing January 1, 2015. Ocean views, Promenade amenities, and creative office space will help attract and retain top talent for this Silicon Beach success story.
Approximately 16,700 square feet will be leased for 15 years from the Lease Commencement Date. Additional expansion spaces totaling approximately 17,000 square feet will be leased for 10 years from the Lease Commencement Date. The Company has the option to extend the Lease for a total term of twenty years. Annual base rent for fiscal year 2015 will be approximately $2.2 million, and the cumulative base rent for the initial lease term will be approximately $36.3 million, reflecting annual rent increases of 3%.
*Shared by Jeff Vertun