Solar company buys former Grammy building in SaMo from HPP for $35M

Los Angeles /
Mar.March 28, 2017 10:45 AM

Solar company Cypress Creek Renewables has purchased the former Grammy building at 3402 Pico Boulevard in Santa Monica from Hudson Pacific Properties for $35 million, The Real Deal has learned.

The company, led by CEO Matthew McGovern, paid $685 a square foot for the vacant 51,100-square-foot office building, which will serve as its headquarters starting at the end of the year, according to Jeff McKay, a company spokesperson. Cypress will vacate its current headquarters at 3250 Ocean Park Boulevard.

The solar farm provider, which has eight offices nationwide, had grown too large for its space, McKay said. Cypress chose to buy a building, rather than lease, so it could customize the space “to reflect [its] commitment towards renewable energy,” he said.

Hudson Pacific Properties acquired the building for $18.5 million in 2014 from Trammell Crow Company, which once had plans to develop the site into a 260-unit residential complex. The housing developer had purchased it from the National Academy of Recording Arts and Sciences for $10.5 million in 2011. The building has been vacant since the organization, which hands out the Grammys, relocated its headquarters to the Lantana campus in Santa Monica in 2009.

Hudson Pacific will use the proceeds of the sale toward its pending acquisition of Hollywood Center Studios, which The Real Deal first reported earlier this year. That sale is expected to close May 1, according to company filings.

Hudson is planning to build an additional 575,000-square-foot property on the studio site, which was once owned by Francis Ford Coppola.


Related Articles

arrow_forward_ios
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
The Colorado Center with Hulu President Kelly Campbell and Boston Properties CEO Owen Thomas (inset) (Photos via Getty, LA Realty Partners)
Hulu adds space at Roku-occupied Colorado Center
Hulu adds space at Roku-occupied Colorado Center
Pen Factory, GoodRx CEOs Doug Hirsch and Trevor Bezdek. (Pen Factory, GoodRx)
GoodRx adds 57K sf at Santa Monica’s Pen Factory
GoodRx adds 57K sf at Santa Monica’s Pen Factory
Snap Inc CEO Evan Spiegel, Boston Properties CEO Owen Thomas and Santa Monica Business Park. (Getty, Boston Properties)
Snapchat’s parent company expands headquarters at Santa Monica Business Park
Snapchat’s parent company expands headquarters at Santa Monica Business Park
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
arrow_forward_ios

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

Loading...