Northwestern Mutual picks up Santa Monica office campus for $166M

Four-building complex leased to Universal Music Group & Illumination Entertainment

Los Angeles /
Nov.November 12, 2020 02:31 PM
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual is expanding its California office portfolio with a four-building complex in Santa Monica, The Real Deal has learned.

The insurance and investment firm is paying $166 million for the Colorado Campus at 2041-2115 Colorado Avenue, according to a source familiar with the deal. Eastdil Secured brokered the transaction.

Lincoln Property Company and Northwood Investors converted the industrial buildings on the two-acre site into creative office space in 2018, and the 92,000-square-foot campus is now fully leased to two tenants: Universal Music Group and Illumination, the animation studio behind films like “Despicable Me” and “Minions.”

The complex is located across the street from UMG’s corporate headquarters at 2220 Colorado Avenue, and a block away from Boston Properties’ Colorado Center.

Eastdil declined to comment. The buyer and sellers did not respond to requests for comment.

Northwestern Mutual’s real estate portfolio includes commercial mortgage and equity investments across the country. In southern California, the firm has been active in the industrial space, buying a $214 million warehouse in the Inland Empire in 2019, and selling a $129 million industrial park in Orange County a few months later.

Elsewhere in California, Northwestern acquired a three-building, 115,000-square-foot office building known as Castro Station in Silicon Valley in 2018, in a joint venture with McCarthy Cook & Co. The insurers’ financial statements value that property at $189 million.






    Related Articles

    arrow_forward_ios
    PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
    TPG Capital selling SoCal-based Gelson’s Markets
    TPG Capital selling SoCal-based Gelson’s Markets
    Related California CEO William Witte and a rendering of the project (Getty, City of Santa Monica)
    Renderings reveal Related’s 296-unit Santa Monica project
    Renderings reveal Related’s 296-unit Santa Monica project
    MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
    Shovel-ready site in Silver Lake trades for $3.5M
    Shovel-ready site in Silver Lake trades for $3.5M
    Shane Smith and his Santa Monica Estate (Photos via Getty; The Agency)
    Vice Media co-founder Shane Smith wants $50M for SaMo mansion
    Vice Media co-founder Shane Smith wants $50M for SaMo mansion
    (iStock)
    LA County sued over commercial eviction moratorium
    LA County sued over commercial eviction moratorium
    The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
    Contractors pull out as Oceanwide Center sale falls through again
    Contractors pull out as Oceanwide Center sale falls through again
    Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
    Santa Monica mega-portfolio officially hits market
    Santa Monica mega-portfolio officially hits market
    NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
    City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
    City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
    arrow_forward_ios

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

    Loading...