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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
- ◦Sale/Acquisition


