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December 12, 2018
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Santa Monica Office Property Sells in Deal Valued at $864/sf


HQ Creative Office closed on the acquisition of 15.3k sf creative office asset in Santa Monica in a recent transaction valued at $13.25 mil, or $864/sf. The property, which consists of two, inter-connected buildings, is located on 0.17 acres of land at 1522 Second St in the prime Downtown Santa Monica area.

HQ’s plans for the property include a substantial re-design and renovation to bring the property to cutting-edge, ultra-premium creative office specifications, to target the substantial base of innovative entertainment, media, and technology tenants seeking a presence in this coveted coastal location. The property was delivered vacant at closing.

Bob Safai, Matt Case, and Brad Schlaak with Madison Partners represented the seller, The Hertz Investment Group. HQ Creative Office, a subsidiary of The HQ Group, is SoCal-based developer of upscale creative office space throughout the region. Madison’s Safai and King will be handling the leasing of the building on behalf of the new owner.

1522 Second Street is located in the heart of Silicon Beach—Southern California’s technology center and home to over 600 tech, media, entertainment, and creative companies. The region is considered to be one of the most dynamic and fastest growing technology markets in the United States. This coastal micro-market has consistently outperformed neighboring markets and has historically achieved the highest rents and lowest vacancies in the region.

The property is surrounded by exceptionally affluent and well-educated neighborhoods including Santa Monica, Malibu, Pacific Palisades, Brentwood, West Los Angeles, Venice, and Marina Del Rey. The property’s unparalleled location, just two blocks from the beach, offers immediate access and connectivity to a wealth of amenities in downtown Santa Monica and greater Los Angeles via foot, car and public transit.

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