Santa Monica’s second act

With new office leases from high-tech heavyweights and hip startups, the original “Silicon Beach” is once again soaking up the sun

TRD LOS ANGELES /
Jan.January 18, 2017 11:00 AM
The Santa Monica pier. The beachfront community has a casual office market culture that appeals to tech startups and media companies.

From the January issue: Santa Monica is the third point of a golden triangle that also encompasses the trendy office markets of Hollywood and Playa Vista. But while the latter two neighborhoods have seen a particularly pronounced surge in popularity in recent years, market pros say that Santa Monica — once the darling of the first-generation tech industry — is finally getting its mojo back.

After a tough spell in the several years following the Great Recession — Yahoo!, for instance, migrated from Santa Monica to Playa Vista in 2015 — some startups are beating a path to Santa Monica. “All of a sudden, there’s a pretty good flow of new players,” said Carl Muhlstein, JLL’s regional director.

Aside from the obvious appeal of holding business lunches with an ocean view and team-building activities at the beach, factors such as improved public transportation, entertainment opportunities and new and renovated office space have boosted the area’s leasing activity, with a 30-percent year-over-year increase in leasing volume for Class A properties in 2016. [More]


Related Articles

arrow_forward_ios
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

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

arrow_forward_ios