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7/20/26
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Ocean Park Plaza, a two-story, 100.7k sf office and medical building in Santa Monica, traded hands in a recent all-cash deal. The buyer, an undisclosed co-educational school, plans to relocate to the property and establish its new campus there.
The property is located at 2701 Ocean Park Blvd, directly across from the Santa Monica Business Park, a 500k sf creative office campus where Snap Inc recently signed a 10-year lease for 470k sf. The broader Ocean Park area is undergoing significant change, including the planned 2028 closure and reimagining of the Santa Monica Airport, which is expected to be redeveloped largely as public open space.
Directly across the corridor, the office building at 2716 Ocean Park Blvd is the subject of a proposed 456-unit mixed-use residential redevelopment. Together with the acquisition of Ocean Park Plaza, these projects are steadily removing office product from the submarket—concentrating remaining tenant demand into a shrinking pool of quality space and strengthening fundamentals for the buildings that remain.
Ocean Park Plaza has benefited from approximately $8 mil in capital improvements since 2017, including an upgraded outdoor atrium and courtyard, refreshed façade finishes, renovated restrooms, and modernized building systems. Its flexible zoning, ample parking, and campus-like environment made it well-suited for an owner-user.
Colliers Vice Chair Sean Fulp, Executive Vice Presidents Mark Schuessler and Todd Tydlaska, and Associate Vice Presidents Jordan Garcia and Blake Hammerstein marketed the property and facilitated the transaction on behalf of the seller. Tim Dornin and Scott Rigsby of Industry Partners and Dan Pickart of Newmark repped the buyer. The price was not disclosed.
The sale repositions a high-quality, largely vacant office building for active community use. Ocean Park Plaza had approximately 73% of its space available for immediate occupancy, and the acquisition returns the asset to full utility while removing it from the area’s office inventory. This dynamic benefits surrounding owners as office supply tightens across the submarket.
“This is a great outcome for Santa Monica,” said Fulp. “A well-located, recently renovated building that was sitting largely empty now has a committed long-term user that will serve the community. The buyer gets a campus in the heart of the Westside, and the neighborhood gains an institution that adds real activity and stability.”
“Ocean Park Plaza is exactly the kind of asset that draws committed users in this market: turnkey quality, strong frontage, and a location at the epicenter of Silicon Beach,” said Hammerstein. “Bringing an educational institution into the building reflects the kind of adaptive, community-oriented outcomes that are reshaping the Westside.”
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