Artisan Partners nearing purchase of Lantana campus in Santa Monica for $400M

Ex-Tishman exec Mark Laderman's firm partnered with Brightstone to buy from Jamestown

Oct.October 04, 2016 07:08 PM

Two Tishman Speyer alumni are striking it out on their own, and they aren’t starting small.

Artisan Partners, led by former Tishman execs Mark Laderman and Collin Komae, is in contract to buy the four-building Lantana office campus in Santa Monica for roughly $400 million, The Real Deal has learned. Artisan’s partner on the deal is Brightstone Capital Group on behalf of an investor, sources said.

The seller, Atlanta-based Jamestown, will rake in $825 per square foot on the sale of the 484,840-square-foot campus with buildings at 2900 and 3000 West Olympic, as well as 3003 and 3301 Exposition Boulevards. The deal is among the largest in a flurry of major Westside office trades, including Minskoff Equities’ pending purchase of the Bluffs at Playa Vista for a price in the $400 million ballpark, or roughly $800 a square foot.

Artisan, Brightstone and Jamestown could not be reached for comment, but sources said the buyers plan to renovate the Olympic side of the campus, which is home to Mark Burnett Productions, One Three Television, and a slew of other entertainment firms. The two buildings on the Exposition side are fully leased to multi-level marketing firm Beachbody, the maker of P90X. The firm’s headquarters span 200,000 square feet on Exposition boulevard. CoStar shows all four buildings as fully leased, but sources said there is a small percentage of vacancy on the Olympic side.

Stephen Somer of Eastdil Secured brokered the deal, but declined to comment. It was first marketed by Eastdil in late 2015, but it didn’t sell. The campus was never officially placed back on the market, and the buyers made an offer on the property without an asking price, sources said.

Jamestown will see a significant profit on Lantana, which it purchased in 2013 for $328.4 million, or $681 a square foot, from Houston-based Lionstone Investments.

Major office properties have been trading with regularity on the Westside. Boston Properties acquired a 50 percent stake in Santa Monica’s Colorado Center for $513 million, or roughly $911 a square foot, in a deal that closed in June. Over the summer, a fund managed by Houston-based Hines sold a 19-story office tower at 12100 Wilshire Boulevard to Santa Monica-based REIT Douglas Emmett for $225 million, or close to $616 per square foot. 

This will be Artisan’s first major acquisition. Laderman and Komae co-founded the firm earlier this year, after resigning from Tishman.

Related Articles

The 5 priciest residential sales

Here are the 5 priciest resi sales in LA County last week

Clockwise from top left: 1155 Angelo Drive, 1116 Laurel Way, 613 N. Sierra Drive, 32453 Pacific Coast Highway and 705 N. Arden Drive (Credit: Redfin)

Beverly Hills dominates list of top resi sales in LA County last week

Lightstone’s Eugene Rozovsky, Neil Shekhter and a rendering of 1650 Lincoln Boulevard

Lightstone provides $44M loan to Shekhter-owned WS Communities

Pierce Brosnan and his new home in Santa Monica

“The world is not enough,” but for one former James Bond this Santa Monica pad is

Witkoff Group’s Steve Witkoff and a rendering of the project at 500 Broadway

Witkoff Group snags construction loan for Santa Monica luxury development

Universal Music Group CEO Lucian Grainge and a rendering of Colorado Campus Building B

Universal Music Group is expanding footprint at Colorado Campus office complex: sources

Starwood Capital Group CEO Barry Sternlicht and Lantana campus (Credit: Getty Images and Ehrlich Yanai Rhee Chaney Architects)

Starwood Capital set to buy part of Lantana office campus for $220M: sources

Gettleson, Witzer and O’Connor Managing Executive Randal O’Connor and a rendering of the project

Creative office craze continues with plans for new Santa Monica project