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10/07/24
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Drawbridge Realty purchased a 225.8k sf, six-story Class A headquarters building located in Santa Monica’s highly-desirable media district. The property, located at 2220 Colorado Ave, also known as Arboretum Gateway, is at the epicenter of the city’s Silicon Beach area.
Constructed in 1999, the building is 100% NNN leased to Universal Music Group (UMG) as its operational headquarters. Netherlands-based Universal Music Group N.V. is the world leader in music-based entertainment.
2220 Colorado Ave has two UMG-operated recording studios, several state-of-the-art conference facilities with cutting-edge AV, secure parking with direct elevator access, an onsite food commissary and coffee bar, collaboration areas and outdoor decks.
Universal Music Group recently signed a long-term lease extension, the third largest lease signed in the market since 2021, after leases signed by Snap and Hulu. Other major tenants in the vicinity include Starz, AMC Networks, Amazon, Roku, and Sony.
The seller, Clarion Partners, was represented by Kevin Shannon, Executive Vice Chairman and Head of International Capital Markets, Alex Foshay, Vice Chairmen, Ken White, Rob Hannan, Laura Stumm, and Michael Moll at Newmark. The price was not immediately disclosed.
“This is a high-quality property with a strong, long-time tenant and a very creative build-out that establishes the building as one of the signature assets in Santa Monica. It’s a wonderful addition to our national portfolio,” said Jaden Rosselli, Vice President of Investments & Asset Management, Drawbridge Realty.
Drawbridge Realty’s national portfolio includes more than a dozen Southern California properties including buildings, occupied by a diverse array of strong credit tenants, in Westlake Village, Orange County, and San Diego County.
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