Xerox, Sears Slate Office Development

Xerox Realty Corp. and Homart Development Co. will start construction this fall on the first phase of a twin-tower, 510,000-square-foot office complex about a mile south of Los Angeles International Airport in El Segundo.

According to industry sources, the project--the second involving the two concerns--is valued in excess of $70 million. It will be constructed on a 5.4-acre site between Sepulveda and Continental boulevards on the south side of Grand Avenue.

The 12-story buildings will be complemented by an 1,800-car parking garage.

The Xerox Realty Corp./Homart venture also will acquire Xerox Realty’s interest in Xerox Centre, a fully occupied, 330,000-square-foot office building adjacent to the site. In 1981, Xerox Realty and Homart developed Xerox Centre, a 1.2-million-square-foot office complex in Las Colinas, Irving, Tex., near Dallas, according to Anthony J. Cantagallo, Homart senior vice president.

Homart, founded in 1959, is a real estate subsidiary of Chicago-based Sears, Roebuck & Co. Xerox Corp., parent of Xerox Realty Corp., intends to occupy at least 50,000 square feet of space in the first 255,000-square-foot tower. Completion of the first phase is planned for late next year.