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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.
- ◦Sale/Acquisition




