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The Real Deal Los Angeles

Santa Monica office sells for $1,136 per square foot

The buyer was an entity affiliated with Tooley Investment
By Cathaleen Chen | August 10, 2016 02:00PM

An entity affiliated with developer Tooley Investment recently purchased an 8,800-square-foot office building in Santa Monica’s main commercial district for $10 million.

The seller was Main Street Law Building, which is connected to the law firm of Nasatir, Hirsch, Podberesky & Khero, The Real Deal has learned.

The seller had owned the property at 2113 Main Street for more than 30 years, according to listing agent Grant Newman of L.A. Realty Partners. He said the transaction was part of a 10-31 exchange.

The building was fully occupied at the time of the closing. The buyer, according to Newman, will use the space for its new corporate office.

The $10 million price tag equates to about $1,136 per square foot, 27 percent above Santa Monica’s $893 average for 2016, according to CoStar.