Goldman Sachs acquired a ground leased land fee position at 1733 Ocean Avenue in Santa Monica, CA for $65 million. The land encompasses an 0.79-acre prime oceanfront site in a market where office rental rates and land prices have been skyrocketing due to the location and influx of technology, entertainment, and business tenants.

Madison Partners’ Bob Safai arranged the deal on behalf of the seller, Starpoint Properties. The site houses a four-story, more than 95,000-square-foot, mixed-use office building developed by Maguire Partners in 2004.

The sale of the property represents a generational opportunity to acquire a critical‐mass land site in one of the most desirable communities in SoCal. With a coveted Silicon Beach location just 1.5 blocks from the ocean, 1733 Ocean Avenue is within walking distance of some of SoCal’s best restaurants, shopping, hotels, recreation, and entertainment options.

Connect Los Angeles is set for March 21st at the Hotel Indigo Downtown Los Angeles. You can get more information and register on this link.