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

Los Angeles /
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

arrow_forward_ios
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Macerich CEO Thomas O’Hern and Santa Monica Place mall

Here’s what tenants are paying at Macerich’s Santa Monica Place

Here’s what tenants are paying at Macerich’s Santa Monica Place
CEO of Amazon Web Services Andy Jassy

A top Amazon exec buys in Santa Monica

A top Amazon exec buys in Santa Monica
WS Communities CEO Scott Walter and VP of Finance Gregory Proniloff, Madison Realty Capital’s Josh Zegen, 1433 Euclid Street in Santa Monica; and rendering of mixed-use project at 3030 Nebraska Avenue in Santa Monica (Credit: Google Maps and Madison Realty Capital)

WS Communities nabs $150M loan for six renovations and a development site

WS Communities nabs $150M loan for six renovations and a development site
6156 Ramirez Canyon Road and 20 37th Place (Credit: Redfin)

This way to the beach: Homes next to ocean topped priciest sales

This way to the beach: Homes next to ocean topped priciest sales
Shops were looted in Santa Monica (Credit: Mario Tama/Getty Images)

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach

Looters cleared out retailers while police clashed with protesters in Santa Monica and Long Beach
Related California CEO William Witte and the project site (Credit: Google Maps)

Related California eyes latest project in Downtown Santa Monica

Related California eyes latest project in Downtown Santa Monica
From left: Alan, Adam, and Alex Shekhter, with renderings of 501 Broadway and 601 Colorado (Credit: WS Communities and LinkedIn)

Shekhters’ WS Communities lands $157M loan to build 850 rental units in Santa Monica

Shekhters’ WS Communities lands $157M loan to build 850 rental units in Santa Monica
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...