GoodRx adds 57K sf at Santa Monica’s Pen Factory
Health care company more than doubles footprint at LPC West’s complex
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 Clarion Properties bought the property after Santa Monica rescinded Hines’ approval for its adaptive reuse in 2014.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