California + Los Angeles + Office | September 7, 2023

JPMorgan Set to Acquire Activision Blizzard HQ from CalSTRS

JP Morgan Asset Management is poised to acquire the Activision Blizzard headquarters in Santa Monica from the California State Teachers’ Retirement System (CalSTRS), reported Los Angeles Business First. The reported $165.5-million purchase price comes in below the $180 million CalSTRS asked when it put the fully leased office property on the market this past February.

Known as the Pen Factory, the 222,000-square-foot, Class A property at 2701 Olympic Blvd. was converted from a former PaperMate factory in 2017. Its then-owners, Lincoln Property Company and Clarion Partners, sold it to CalSTRS after completing renovations.

Activision Blizzard occupies nearly 90,000 square feet at the Pen Factory, Business First reported. The sale of its headquarters occurs a few weeks before its $69-billion acquisition by Microsoft is scheduled to close.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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