Avison Young Helps VC-Backed 3-D Printing Startup Land New Space

by Ed Resetar

Los Angeles, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated a new, 60-month, 3,250-square-foot (sf) lease on behalf of Expanse 3D, Inc. in Alhambra, CA.

Expanse 3D (www.expanse3d.com) is a venture capital backed startup that is reimagining stereolithography 3D printing. Their new technology aims to be the first fully-automated industrial solution for large runs of parts, and also happens to have the highest throughput in the industry.

Coming off its seed round, Expanse 3D’s Founder and CEO, Michael Gimbel, was anxious to find Expanse’s first home and execute its business plan. He engaged Avison Young’s Ted Simpson, a tenant representation specialist in Pasadena, to find a flexible space that would meet the size and particular power requirements of 3D printing machinery while also providing a professional office component that had room for growth; in CRE parlance, a “Flex space.”

In addition to finding a flex space that was move-in ready, Simpson also faced the common startup lease negotiation conundrum of not having a financial history to show Landlords. Additionally, it was important for Gimbel to stay close to the Pasadena technology ecosystem.

“It was already a tight market, but coupled with limited financial history, strict power requirements, and wanting to be in a – call it an “elevated” industrial area – made it even tighter,” Simpson said.

After reviewing Pasadena and Pasadena adjacent options, Simpson located 951-983 Meridian Ave, Alhambra. Close to Pasadena, in great repair, and with a 34% office component, it checked all of the boxes. Within three weeks of that first email exchange with the landlord broker, the lease was executed at a 15% to market discount, and Expanse 3D moved in. And, this was all achieved without a personal guarantee or a letter of credit.

Gimbel summarized, “When I first talked to Ted, we had several prototypes and very specific space, power, and office requirements to run our equipment. Ted and his team vetted over 100 buildings for us in the tri-cities area and we toured twelve. Less than two months later, we had an executed lease – with amazing terms –  and now we’re moving in.”