Sub Markets

Property Sectors

Topics

California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
California  + Office  | 

Boston Properties Acquiring Santa Monica Asset from Blackstone for $616M

Boston-based Boston Properties entered into an agreement to acquire Santa Monica Business Park, a 1.2-million-square-foot office park located in Santa Monica, CA, for a net purchase price of $616 million. The 94% leased asset was held by Blackstone, and Eastdil Secured had been engaged to sell the property.

Santa Monica Business Park is a 47-acre office park that contains 21 buildings and is located within the Ocean Park neighborhood at 2850 to 3420 Ocean Park Blvd. Roughly 70% of the rentable square footage is subject to a ground lease, with 80 years remaining including renewal periods. The ground lease provides Boston Properties with the right to purchase the fee in 2028, with subsequent purchase rights every 15 years.

Tenants at the property include Snap Inc., which took 300,000 square feet last year with an option for another 100,000 square feet upon availability, as well as Pandora, Activision Blizzard, and Treyarch.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Read more at Boston PropertiesConnect With Boston Properties

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
New call-to-action
New call-to-action
New call-to-action