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  + Los Angeles  + Office  | 

Newmark Closes Santa Monica Office Sale for Kilroy

Newmark arranged the $40-million sale of 501 Santa Monica Blvd., a seven-story office building consisting of 78,509 square feet and a four-level standalone parking structure. Co-head of Capital Markets Kevin Shannon, vice chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll and director Alex Beaton represented seller Kilroy Realty Corporation.

Buyer Washington Capital was self-represented. Newmark co-president, Global Debt & Structured Finance Jonathan Firestone and vice chairman Blake Thompson provided support on debt strategy and financing considerations throughout the transaction process.

“Opportunities to acquire prime assets located in Downtown Santa Monica are few and far between,” said Shannon. “The seller had owned this asset for almost 30 years, which is not an uncommon hold period for jewel box Santa Monica assets like 501 Santa Monica.”

Located in downtown Santa Monica, the LEED Gold-certified property was 65% leased at the time of sale.

Read More News Stories About: Newmark
Connect

Inside The Story

Newmark's Shannon

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

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