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May 24, 2018
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Creative Office Building in Santa Monica Sells for $1,582/sf


DR Investments LLC purchased Piazza Montana, a 98k sf, creative office mixed-use building in Santa Monica, for $15.5 mil, or $1,582/sf. Built in 2001, the property is located at 729 Montana, on the corner of Montana and Lincoln.

The building is an elegant, Italian-inspired architectural two-story mixed use property with a courtyard and fountain. Piazza Montana features creative office space, ground level retail, and two top floor luxury apartments.

The property is situated roughly seven blocks to Ocean Ave and Third Street Promenade, on exclusive Montana Ave with upscale shops, restaurants and movie theaters. The building was 100% leased at the time of the sale.

Ted Zwicker with NAI Capital represented the buyer in the transaction. According to Zwicker, although the building is currently 100% leased, the buyer intends to occupy the building as their headquarters in the future.

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