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Boston Properties, Canada Pension Acquire SoCal Asset for $628M
Boston Properties, Inc. and Canada Pension Plan Investment Board (CPPIB) acquired Santa Monica Business Park in Santa Monica, CA from Blackstone Group for $627.5 million. The 47-acre office park in the Ocean Park neighborhood consists of 21 buildings, totaling roughly 1.2 million net rentable square feet.
Boston Properties’ Owen D. Thomas says, “With the acquisitions of Santa Monica Business Park and Colorado Center in 2016, Boston Properties along with its joint venture partners now owns 2.3 million square feet and controls 24% of the Santa Monica Class A office market, creating a strong platform for us to continue to grow in the West LA markets.”
CPPIB will invest $147.4 million for a 45% ownership in the the 94%-leased asset, while Boston Properties will invest $180.1 million in the joint venture and will operate, manage and lease the property. The previously reported acquisition was completed with $300 million of financing.
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