Updated Dec 4, 2024
Snap Inc Extends Lease For 467K SF At Santa Monica Business Park With Boston Properties
3100 Ocean Park Boulevard
Building Size
467,000 SF
Asset Type
Office
Closing
Jan 23, 2024
About this deal
AI
Boston Properties (BXP) has signed a ten-year, approximately 467,000 square foot lease extension with Snap Inc. at 3100 Ocean Park Boulevard in Santa Monica. The office space is located in the vibrant Sunset and Ocean Park neighborhoods, making it a highly sought-after location for businesses.
Summary of transaction details
- Property Type: Office
- Transaction Amount: -
- Square Footage: 467,000 SF
- Address: 3100 Ocean Park Boulevard
- Market: Santa Monica
Alex Cameron, representing Boston Properties (BXP), served as the landlord in this lease extension deal. Evan Spiegel, the CEO of Snap Inc., represents the tenant. The agreement will span a ten-year lease term, providing Snap Inc. with a significant presence in Santa Monica Business Park.
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Santa Monica Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93