Quantcast

The Real Deal Los Angeles

Snap Inc.-occupied Venice properties hit market as part of portfolio asking $80M

The messaging service is exiting the city, leaving oceanfront properties empty
April 24, 2018 12:45PM

Evan Spiegel with Gingerbread Court (Credit: Pixabay, Wikimedia Commons)

Just as Snap Inc. prepares for its big Venice exit, one of its landlords is following suit.

A mixed-use portfolio comprised of 10 buildings, or 22,200 square feet, is now on the market for $79.5 million. Snap leases two of the four oceanfront properties, Bisnow reported. Snap is in the process of moving out of Venice and into Santa Monica.

The messaging service now occupies its first location, Blu House at 523 Ocean Front Walk, Gingerbread Court at 517 Ocean Front Walk. The adjacent properties at 511 and 601 Ocean Front Walk, though not occupied by Snap, are also up for grabs.

Combined, they traded for $14 million in 2017, property records show.

CBRE is listing the portfolio. It’s being marketed as an investment opportunity, with an option to develop an additional 19,000 square feet of oceanfront parking that is included.

The parent company behind the popular messaging app, Snapchat, put up for sublease 163,000 square feet of office space across 14 sites in Venice earlier this year. It’s in the process of consolidating its operations in Santa Monica Business Park, where it has leased 300,000 square feet with the option of adding another 100,000 square feet as other companies vacate.

Venice locals have been rallying against Snap’s presence in the neighborhood for several years. Its decentralized campus led to dramatic increases in office rents, in addition to gentrification in the historically artistic community. [Bisnow] — Natalie Hoberman