The property involved in this lease transaction is an industrial asset located at 1100 Colorado Avenue in Santa Monica. Tesla, represented by Elon Musk, has renewed its lease for a total of 83,695 square feet at an asking rent of $2.65 per square foot, plus an additional $0.13 per square foot for NNN expenses. The asset features 18-foot clear heights and heavy power capabilities, positioned within a prime West LA industrial corridor.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $2.65/ft
• Address: 1100 Colorado Avenue
• Market: Santa Monica
• Landlord: Thompson Properties
• Tenant: Elon Musk - Tesla
• Landlord's Rep: David Freitag & Michael Collins - Daum Commercial Real Estate Services
• Lease Size: 83,695 SF
• Asking Rent: $2.65/SF plus $0.13/SF NNN

This transaction showcases the collaboration between Thompson Properties and Tesla, facilitated by the expertise of David Freitag and Michael Collins from Daum Commercial Real Estate Services, who played a key role in marketing the property. The renewal signifies Tesla's commitment to maintaining and expanding its service center operations in the area.