Online Medical Apparel Company Figs Leases about 26,000 Square Feet of Creative Office Space in Santa Monica, CA
26 Dec 2018
The new space at Santa Monica Gateway will serve as the company’s headquarters; FIGS signifies larger trend in the region
Los Angeles – CBRE announced that FIGS, Inc. has leased 26,118 square feet of office space at Santa Monica Gateway. The new location will serve as the online medical apparel company’s new headquarters.
Located at 2834 Colorado Avenue, Santa Monica Gateway is a brand-new, modern office development. Its creative aesthetic features align with the culture at companies such as FIGS, while also providing the functionalities and operational ease of a class A building. FIGS will add to the creative tenant roster at the building, which is also home to such well-known companies as Goop and Starz.
“In a tight Santa Monica market, we were pleased to be able to help FIGS find a fantastic space at a creative building in their target market,” said Bobek. “This is a space that will also provide them with the freedom to create their own style and represent their brand and culture to serve as a vehicle for further growth.”
Added Vertun, “Santa Monica is home to some of LA's top creative companies, has excellent walkable amenities, easy Expo Line access, is safe for employees, and a generally pleasant place to live work and play. For those reasons, it was the target market all along and will aid FIGS in attracting and retaining top talent in an increasingly competitive labor market.”
Apparel companies that either are exclusive online retailers or use an omnichannel approach are part of a growing national and regional trend. U.S. ecommerce sales have jumped nearly fourfold to $525 billion this year from $141 billion in 2008, according to CBRE research. This competitive and expanding landscape is requiring ecommerce companies to think more strategically about their office as well as industrial facilities.
“Company headquarters, particularly in the quickly expanding e-commerce space in this region need to increasingly be thoughtful, reflect the company’s culture and brand, design a fluid and purposeful layout, provide various amenities and even more, attract and retain top talent in an increasingly competitive labor market,” said Steuber.
U.S. ecommerce sales grew by 16% this year and now account for 9% of all retail sales, according to market research firm eMarketer. Locally, Los Angeles was the top ranked metro for consumer products companies and second for the retail category in the most recent Inc Magazine ranking of the 5,000 fastest-growing companies in America. These innovative firms have been tapping into the region’s diverse retail and logistics talent base. The area’s retail industry supports 413,000 jobs whiles its logistics industry is the largest in the nation to support local ports, which handle 73% of incoming West coast cargo, according to CBRE research.
FIGS will be in control of designing every element of the space to truly make it their own and plans to move in Q3 2019.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.