GoodRx adds 57K sf at Santa Monica’s Pen Factory

Health care company more than doubles footprint at LPC West’s complex

Los Angeles /
Jun.June 08, 2021 09:00 AM
Pen Factory, GoodRx CEOs Doug Hirsch and Trevor Bezdek. (Pen Factory, GoodRx)
Pen Factory, GoodRx CEOs Doug Hirsch and Trevor Bezdek. (Pen Factory, GoodRx)

Santa Monica-based health care company GoodRx has added 57,000 square feet to its lease at Lincoln Property Company West’s Pen Factory complex.

The firm now leases 130,000 square feet at the 222,000-square-foot complex at 2701 Olympic Boulevard, according to the Commercial Observer.

GoodRx was founded in 2011 and went public last fall. The company’s main products are a telehealth portal and an online drug marketplace.

The Pen Factory building is a former PaperMate manufacturing building that Hines tried for several years to redevelop as an office complex. Clarion Properties bought the property after Santa Monica rescinded Hines’ approval for its adaptive reuse in 2014.

Clarion brought in Lincoln Property Company to redevelop the site and had better luck than Hines. They broke ground in 2016 and completed the project a year later.

Santa Monica is one of Los Angeles’ tightest office markets. The wider office market has been depressed since the beginning of the coronavirus pandemic, but some submarkets, including Santa Monica, are showing signs of recovery.

GoodRx’s co-founder Trevor Bezdek, whose net worth reportedly shot into the hundreds of millions of dollars with GoodRx’s IPO, expanded his own real L.A. footprint earlier this year.

Snap Inc. recently added 140,000 square feet to its headquarters at Boston Properties’ Santa Monica Business Park, although Activision Blizzard vacated 140,000 square feet there late last year.

Bezdek celebrated in March with the $39.4 million purchase of a 5,000-square-foot home in Malibu. He owns one other home in Malibu and a mansion in Brentwood.

[CO] — Dennis Lynch


Related Articles

arrow_forward_ios
Clockwise from top left: Harrison Street CEO Christopher Merrill, 2825 Santa Monica Boulevard, Stockdale Capital Partners' Steven Yari and Shawn Yari and 9090 Wilshire Boulevard (Harrison Street, Stockdale Capital Partners) 
Harrison Street buys Westside medical offices for $156M
Harrison Street buys Westside medical offices for $156M
 1933 South Broadway (Loopnet, iStock)
Ara Tavitian scores $150M refi on The Reef in DTLA
Ara Tavitian scores $150M refi on The Reef in DTLA
GI Partners' Rick Magnuson and One Wilshire (GI Partners, One Wilshire)
Here’s how much tenants are paying at One Wilshire in DTLA
Here’s how much tenants are paying at One Wilshire in DTLA
Irvine's Donald Bren and Douglas Emmett's Jordan Kaplan with 1221 Ocean Avenue (Irvine Company, UCLA Anderson school, 1221 Ocean Avenue)
Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments
Bren’s Irvine Co. in record territory at $2.7M per unit for Santa Monica apartments
Jeff Bezos in front of the Spectrum Terrace at 17300 Laguna Canyon Road in Irvine (top) and the Water Garden at 1620 26th Street in Santa Monica (bottom) (Getty Images, Spectrum Terrace, Water Garden, iStock)
Amazon take 439K sf of office space for three SoCal ‘tech hubs’
Amazon take 439K sf of office space for three SoCal ‘tech hubs’
Kilroy Realty CEO John Kilroy (Getty, Kilroy Realty)
Kilroy Realty sees jump in profit despite dip in leases
Kilroy Realty sees jump in profit despite dip in leases
A rendering of 1807 Broadway in Santa Monica (Rios)
Developer aims for apartments with cultural space in Santa Monica
Developer aims for apartments with cultural space in Santa Monica
Hudson Pacific’s Chris Pearson and CBRE’s Lewis Horne (Hudson Pacific, CBRE, iStock)
Hudson Pacific, CBRE eye West Coast hubs with impact fund for women, ethnic minorities
Hudson Pacific, CBRE eye West Coast hubs with impact fund for women, ethnic minorities
arrow_forward_ios

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

Loading...