Blackstone to list Santa Monica Business Park with
Eastdil: sources

Los Angeles /
Jun.June 13, 2017 06:00 PM

Blackstone Group plans to list Santa Monica Business Park, a whopping 1 million-square-foot office campus, later this year with Eastdil Secured, sources said. The plan to take bids for the 12-building property at 2850-3420 Ocean Park Boulevard was hatched soon after Snapchat’s parent company signed a lease to anchor the property.

Blackstone declined to comment. Eastdil’s brokers could not be reached.

Blackstone owns the ground lease for the 38.8-acre site, which it acquired in 2009 as part of its $39 billion leveraged buyout of Equity Office Properties. The land, however, is owned by an entity connected to Tom and Roberta Irish. Tom Irish manages the holdings of the Transpacific Development Company, which originally developed the office park, sources said.

The L.A. campus is one of several remaining EOP assets Blackstone plans to list. San Francisco’s landmark Ferry Building is expected to hit the market in coming weeks for more than $300 million, as is a 32-story office tower in Downtown Boston, Bloomberg reported on Monday.

The three properties make up most of the $2 billion of assets from the 2007 deal that remain to be sold, Gray told Bloomberg. With those sales, along with the disposition of smaller holdings, Blackstone expects to triple its equity investment, according to Bloomberg.

Snap Inc. signed a lease for about 300,000-square-feet at the complex earlier this year, but also cut a deal to add 100,000 square feet as other tenants leave, sources said. At the time of the January deal, Blackstone was asking $4.65 to $4.95 per square foot a month in rent, according to Costar.

Eastdil brokered the sale of several other Blackstone-owned trophies this year. It listed and sold the buildings at 1299 Ocean Avenue and 1999 Avenue of the Stars. Eastdil also arranged Douglas Emmett and Qatar Investment Authority’s $188 million purchase of 9665 Wilshire Boulevard, sources told The Real Deal last week.


Related Articles

arrow_forward_ios
Initiative to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Long Beach (Illustration by The Real Deal with Getty)
Downtown Long Beach office vacancy highest in 20 years
Downtown Long Beach office vacancy highest in 20 years
Jamison Properties' Jaime Lee with the Pierce National Life Building (LinkedIn, Google maps)
Koreatown office building poised for residential conversion
Koreatown office building poised for residential conversion
The Home Depot's Ted Decker with 16830 Devonshire St
Home Depot plans to build 136K sf store in Granada Hills
Home Depot plans to build 136K sf store in Granada Hills
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave sells Tustin office building for $91M
SteelWave sells Tustin office building for $91M
Restaurant owner Tony Roman and Basilico’s Pasta E Vino, 21501 Brookhurst Street in Huntington Beach (Basilico’s Pasta E Vino/Facebook, Google Maps, Getty)
Anti-mask restaurateur in OC sues landlord
Anti-mask restaurateur in OC sues landlord
Cottonwood’s Mark Green and Silver Creek's Franck Ruimy with 8850 Sunset Blvd (8850 Sunset Blvd , LinkedIn, Stan Hope Capitol, Getty)
Reimagined Viper Room’s developer scores $60M loan
Reimagined Viper Room’s developer scores $60M loan
Lithia Motors' Mark DeBoer and rendering of new Porsche dealership (City of Los Angeles, Getty, LinikedIn)
Going up: Lithia Motors plans five-story Porsche dealership near DTLA
Going up: Lithia Motors plans five-story Porsche dealership near DTLA
arrow_forward_ios

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

Loading...