Boston Properties Acquires The Santa Monica Business Park In Los Angeles For $616M

The Santa Monica Business Park, located at 2850 – 3420 Ocean Park Boulevard in Santa Monica, has been sold for a staggering price of $616,000,000. This business park spans across 1,000,000 square feet, with a price per square foot of $616. The property, known for its prime location in Los Angeles, has been a lucrative investment opportunity in the Santa Monica market.

Summary of transaction details:

• Property Name: The Santa Monica Business Park
• Address: 2850 – 3420 Ocean Park Boulevard
• City: Los Angeles
• Market: Santa Monica
• Asset Type: Business Park
• Price: $616,000,000
• Square Footage: 1,000,000 sf
• Price per Square Foot: $616
• Seller: Blackstone Group - Stephen Schwarzman
• Buyer: Boston Properties - Owen Thomas

The sale of this property was facilitated by Stephen Schwarzman from Blackstone Group, representing the seller. On the buyer's side, Owen Thomas from Boston Properties played a key role in securing the acquisition. This transaction highlights the strategic investments being made in the Santa Monica market by prominent investors and shows the attractiveness of the Santa Monica Business Park as a valuable asset.