Santa Monica Office Building Trades for $40 Million
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Newmark announced the $40-million sale of 501 Santa Monica Blvd., a seven-story, 78,500-square-foot office building and a four-level stand-alone parking structure in Downtown Santa Monica. The seller, Kilroy Realty Corp., was represented by Newmark’s co-head of capital markets Kevin Shannon, vice chairmen Rob Hannan, Ken White, Laura Stumm, Michael Moll and director Alex Beaton. The property was acquired by Washington Capital, which was self-represented.
“Opportunities to acquire prime assets located in Downtown Santa Monica are few and far between,” said Shannon. “The seller had owned this asset for almost 30 years, which is not an uncommon hold period for jewel box Santa Monica assets like 501 Santa Monica.”
The creative, seven-story building was 65% leased at the time of the sale and features exposed concrete ceilings and ductwork, concrete floors, LEED Gold certification and 13-foot clear ceiling heights. It is located two blocks from the Metro E Line Station and has access to the I-10 freeway through 4th Street and to walkable amenities, including Third Street Promenade.
Information for this article was sourced from Newmark.
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