First Citizens Bank & Trust Acquires Santa Monica Office Building For $86.7M

Realty Bancorp Equities has sold a 76,900-square-foot office building located at 1540 2nd Street in Santa Monica. The property was previously in default and sold for $86.7 million to First Citizens Bank and Trust. Despite the high per-square-foot price of $1,127, this sale did not cover the more than $100 million debt Realty Bancorp defaulted on last year with Haymarket Insurance.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $86,700,000
• Address: 1540 2nd Street, Santa Monica
• Market: Santa Monica
• Buyer: Frank B. Holding Jr. - First Citizens Bank & Trust
• Seller: Norman & Glenda Kravetz - Realty Bancorp Equities
• Square Footage: 76,900
• Price Per Square Foot: $1,127

First Citizens Bank and Trust emerged as the buyer in this transaction, representing Frank B. Holding Jr. as their buyer's representative. The sellers, Norman and Glenda Kravetz, were represented by their company, Realty Bancorp Equities. This deal marks a significant sale in Santa Monica, where the property had previously faced default and financial challenges.