StarPoint sells Santa Monica dirt for $65M

The less than acre-wide parcel is in prime Downtown Santa Monica

TRD LOS ANGELES /
Mar.March 07, 2019 02:30 PM
StarPoint CEO Paul Daneshrad and 1733 Ocean Avenue

StarPoint Properties has sold the ground underneath an office building on Santa Monica’s Ocean Avenue.

The $65 million sale was for the dirt at 1733 Ocean Avenue, where Terra Capital leases the land and owns the 100,000-square-foot office building on the property. The buyer of the land is an institutional private equity group, but Beverly Hills-based StarPoint would not identify the party.

The property is 0.79 acres, or around 34,200 square feet. The Los Angeles Business Journal first reported the sale.

StarPoint, led by Paul Daneshrad, owns multifamily, retail and office properties on the West Coast. Last year, the firm bought a 100,000-square-foot office building in Beverly Hills for $200 million.

Commercial space in Santa Monica commands higher rents than any other Los Angeles submarket, driven by the city’s strong tech sector. Major tech companies including Facebook and Google have offices there.

Average rent in the city is $63.18 per square foot as of the fourth quarter 2018, according to Savills Studley. The average of Westside markets together is $56.07 per square foot.

Ocean Avenue is one of Santa Monica’s busiest streets. Frank Gehry is designing a new project there. The StarPoint property is located a few blocks from the Santa Monica Pier and the Metro’s Downtown Santa Monica Station, which the Expo Line serves.


Related Article

arrow_forward_ios
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

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

arrow_forward_ios