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10/08/24
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Drawbridge Realty, out of San Francisco, has acquired Arboretum Gateway, a 225.8k sf, creative office HQ property in Santa Monica, in a venture with KKR/Global Atlantic. The six-story property, located at 2220 Colorado Blvd in the city’s Media District, was sold by Clarion Partners in deal valued at $185 mil ($820/sf)
Arboretum Gateway is 100% leased to UMG Recordings Inc, a wholly owned subsidiary of Universal Music Group N.V., and serves as the company’s operational headquarters. Universal Music Group is a leading global music company engaged in recording music, music publishing and audiovisual content.
The property features 13-13.5’ ceiling heights with polished concrete floors, multiple high-end large conference rooms equipped with state-of-the-art equipment, an onsite food commissary and coffee bar lounge and outdoor usable decks. Additionally, the building is equipped with two onsite recording studios and immediate parking to office elevator access, which caters to the tenant’s security-conscious music clientele.
Located in the heart of the Santa Monica Media District, the property is in proximity to the I-10 Fwy and the Metro Expo Line, with an overall walk score of 91. Santa Monica has the highest concentration of media, entertainment, and technology firms in Los Angeles given its rich amenities and proximity to executive housing.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller in the deal. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone and Director Henry Cassiday assisted on potential debt financing.
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