Boston Properties Acquires Santa Monica Business Park For $627.5M From Blackstone Group

Boston Properties has made another significant acquisition in the Los Angeles market with the purchase of a business park in Santa Monica. The property, located at 2850-3420 Ocean Park Boulevard, was sold by the Blackstone Group for a staggering price of $627,500,000. Spanning 1,200,000 square feet, the business park commanded a price per square foot of $522, showcasing its value in the market.

Summary of transaction details:

• Property Type: Business Park
• Transaction Amount: $627,500,000
• Square Footage: 1,200,000
• Price per Square Foot: $522
• Address: 2850-3420 Ocean Park Boulevard, Santa Monica, LA
• Market: Santa Monica

Boston Properties, one of the leading landlords in the Northeast U.S., marked its entry into the Los Angeles market in 2016 with the purchase of the Colorado Center, also from Blackstone. With this latest acquisition, Boston Properties now boasts control over 24 percent of the Class A office market in Santa Monica, solidifying its presence in the region. The move highlights the company's ongoing expansion and strategic interests in the West Coast market.