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JP Morgan Asset Management Acquires Santa Monica Office Property For $162M

Property Image
SOLD
$162,000,000

California

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Office220,000 SF
Sold 08/23/2023
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Property Image
SOLD

JP Morgan Asset Management Acquires Santa Monica Office Property For $162M

2701 Olympic Blvd Santa Monica, CA 90404, USA

See Similar Deals
Office220,000 SF
Sold 08/23/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$736
Total Square Footage:220,000 SF
Transaction Type:Sale

The property asset involved in the transaction is an office building located at 2701 Olympic Boulevard in Santa Monica. It was sold for $162,000,000 and has a total square footage of 220,000, equating to a price per square foot of $736.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $162,000,000
  • Square Footage: 220,000
  • Price per Square Foot: $736
  • Buyer: JP Morgan Asset Management - Mary Callahan Erdoes
  • Seller: LaSalle Investment Management - Mark Gabbay
  • Market: Santa Monica

Mary Callahan Erdoes represents JP Morgan Asset Management in this acquisition, while Mark Gabbay represents LaSalle Investment Management, facilitating the transaction of this prime office space that includes notable tenants such as Activision Blizzard and GoodRx.

Players

JLL
JLL
BROKERAGE
J.P. Morgan Chase
J.P. Morgan Chase
BUYER
J.P. Morgan Chase
J.P. Morgan Chase
LENDER

Details

SOLD
IMAGE: Mary Callahan Erdoes & Mark Gabbay DATE: 08/23/2023 ADDRESS: 2701 Olympic Boulevard MARKET: Santa Monica ASSET TYPE: Office BUYER: JP Morgan Asset Management (@jpmorgan) - Mary Callahan Erdoes (@MaryCallahanErdoes11) SELLER: LaSalle Investment Management (@lasalleim) - Mark Gabbay SALE PRICE: $162,000,000 SF: 220,000 ~ PPSF: $736 NOTE: JP Morgan Asset Management has acquired the Pen Factory, a Santa Monica office property, for around $162 million. The building, with notable tenants like Activision Blizzard and GoodRx, offers prime office space in a strategic location near major companies.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$8,640,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$575,551.78
Cash-on-Cash Return-1.27%
Monthly Debt Service$767,962.65
Annual Debt Service$9,215,551.78