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6/07/16
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In a recent office sale from Santa Monica, Horizon Buildings acquired a three-story, 44.5k sf building at 2601 Ocean Park Blvd in a $28 mil ($629/sf) transaction. The property, which was 88% leased at the time of sale, was sold by a joint venture between Buchanan Street Partners and Davenport Partners.
Built in 1980, the property is within walking distance of numerous restaurants and shops along Ocean Park Blvd, and is situated across the street from the 1 msf Santa Monica Business Park. The property is south of I-10 and just north of Santa Monica Airport.
The Ocean Park submarket is home to some of the Westside’s largest media and technology companies including Activision, Pandora and Amobee. The lack of supply and increasing tenant demand in Santa Monica and the Westside has put significant upward pressure on rents, in particular the Ocean Park submarket, which has seen rental rates increase more than 60 percent in the last four years, according to CBRE data.
Michael Longo of CBRE represented the sellers, who had acquired the asset in 2006 for $11.4 mil. Gibran Begum of Nermark Grubb Knight Frank repped Horizon, whose HQ location is in the building next door, at 2525 Ocean Park Blvd. Horizon is no stranger to LA’s westside as they own a number of multifamily properties in the region.
Los Angeles had approximately $4.5 bil in venture capital transactions in 2015, and the majority of these start-ups are based in Santa Monica and Venice, according to Longo.
“2601 Ocean Park is home to Retention Science, one of the area’s fastest growing start-ups and is well suited to continue as a tech-focused incubator with its large interior courtyard, great walkable amenities and above-standard parking,” said Longo.
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