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12/13/12
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In recent office leasing activity from LA’s Westside, Dimensional Fund Advisors re-structured and renewed its existing lease at 1299 Ocean Ave in Santa Monica. The new lease, valued at more than $15 mil, is for seven years and a total of 35k sf of space.
Dimensional currently occupies the first, tenth and eleventh floors of the building, situated between Wilshire and Santa Monica Blvds. The firm’s new lease will consist of the first and fifth floors of the building, about 20 percent less square footage than previously occupied. The fifth floor will be completely renovated into state-of-the-art new office space.
The deal reinforces Dimensional’s commitment to Santa Monica and its employees in the local area. Dimensional currently employs 95 professionals in Santa Monica, and anticipates this number will grow over the next few years.
Dimensional worked with Jake Bobek and Ted Simpson of Cushman & Wakefield on the transaction. The building is owned by Equity Office Properties, which was repped by in-house exec Rich McEvoy.
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