PRINCETON, N.J.--(BUSINESS WIRE)--Chambers Street Properties (NYSE:CSG), a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced it has purchased 1 Rocket Road, an industrial property of approximately 510,000 square feet in Hawthorne, California, for $46.7 million.
The property is the headquarters of Space Exploration Technologies Corp., or SpaceX, which designs, manufactures and launches advanced rockets and spacecraft. The private company was founded in 2002 by Elon Musk, its CEO and Chief Designer, with the goal of revolutionizing space transportation. The property is fully leased on a net lease basis through January 2023.
Jack A. Cuneo, President and Chief Executive Officer of Chambers Street commented, “This property is a great addition to our portfolio and increases our global industrial holdings to over 27 million square feet. The private commercial launch business is extremely active and growing rapidly, as private sector companies like SpaceX demonstrate creative, efficient and innovative systems to deliver payloads for space station resupply and commercial satellite launch missions, and US government science and national security missions. We look forward to working with our new tenant in this exciting industry.”
Hawthorne is part of the South Bay submarket of Los Angeles that features a significant concentration of technology, engineering and design companies. The property is strategically located and adjacent to the I-105 freeway, the main east-west commuter corridor in the South Bay, 20 miles north of the ports of Los Angeles and Long Beach and less than 10 minutes from the Los Angeles International Airport.
About Chambers Street Properties (NYSE:CSG)
Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of March 31, 2014, Chambers Street owned or had a majority interest in 129 properties located across 20 U.S. states, France, Germany, and the United Kingdom encompassing approximately 35.8 million rentable square feet.
For additional information, please visit www.ChambersStreet.com.