Santa Monica Lookout
|Santa Monica Commercial Property Sells for $400 million||
By Jonathan Friedman
November 17, 2016 -- In one of the most expensive property deals in Los Angeles County this year, two real estate companies have joined forces to purchase the 12-acre Lantana commercial site on the east end of Santa Monica for $400 million.
New York City-based Brightstone Capital Partners and Southern California-based Artisan Realty Advisors announced their acquisition of the property featuring four buildings with mostly media and technology tenants along Olympic and Exposition boulevards.
It was the second largest real estate purchase in Santa Monica this year.
"Santa Monica's strategic location and amenity-rich environment make the area one of the top submarkets in Southern California," said a statement released by Brightstone's three managing directors.
The joint venture purchased the property from Atlanta-based Jamestown, which had bought the site for a reported $310 million in 2013.
Previous owners include Lionstone (bought for more than $200 million in 2009), Maguire (nearly $140 million in 2004), Hines ($62 million in 1998) and Lantana ($4 million in 1989 prior to a major renovation).
The new owners say they will embark on a "multi-million dollar renovation" to create a "world-class media campus."
"Planned upgrades to the property include fresh, contemporary approaches to the lobbies, elevators and restrooms as well as new enhancements designed to activate and energize interior private courtyards and the addition of a robust, on-site amenity package," the statement said.
Lantana’s most prominent tenant is Dick Clark Productions. Another major tenant is Beachbody, which creates home-exercise videos that are often advertised in late-night infomercials.
IMAX was headquartered at Lantana until it left for Playa Vista in 2014.
The Lantana purchase is the third major commercial real estate deal in Santa Monica this year. Both of the other deals feature the Blackstone Group as the seller.
Blackstone sold its half interest in the six-building Colorado Center to Boston Properties for more than $500 million.
This was the most expensive single-transaction real estate sale in the county this year, according to Commercial Brokers International.
The other half of the interest in Colorado Center is owned by the large financial services company TIAA.
Santa Monica’s other major commercial property purchase this year was by a joint venture of Douglas Emmett and the Qatar Investment Authority for the nine-story Searise Office Tower at 233 Wilshire Boulevard.
The reported price tag was just under $140 million.
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