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May 22, 2019
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Boston Properties and Canada Pension Plan Investment Board Pays $627 Mil for Santa Monica Office/Retail Campus


Santa Monica Business Park, a 47-acre, 1.2 msf office and retail complex in Santa Monica, was acquired by a venture between Boston Properties Inc and Canada Pension Plan Investment Board (CPPIB) in a deal valued at $627.5 mil. The campus, which consists of 15 office buildings and six retail structures, is 94% leased.

The asset was sold by Blackstone Group. Boston Properties is investing $180.1 mil for a 55% stake in the campus, while CPPIB is investing $147.4 mil for a 45% ownership interest. The partnership has obtained financing for the remaining $300 mil. Boston Properties will also provide customary operating, property management and leasing services for the campus.

Approximately 70% of the rentable square footage is subject to a ground lease with 80 years remaining, including renewal periods. The ground lease provides the joint venture with the right to purchase the land underlying the properties in 2028 with subsequent purchase rights every 15 years.

Santa Monica Business Park is located at 2850 – 3420 Ocean Park Blvd, south of the I-10 and west of I-405, adjacent to Santa Monica Airport.

“The Santa Monica market has demonstrated strong growth in demand and rental rates from a variety of world class tenants and industries,” noted Owen D. Thomas, CEO of Boston Properties. “With the acquisitions of Santa Monica Business Park and Colorado Center in 2016, Boston Properties along with its joint venture partners now owns 2.3 msf and controls 24% of the Santa Monica Class A office market, creating a strong platform for us to continue to grow in the West LA markets.”

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