Updated Nov 27, 2024
Boston Properties Acquires The Santa Monica Business Park In Los Angeles For $616M
3420 Ocean Park Boulevard, Santa Monica, CA, USA
$616,000,000
$616/SF
Building Size
1,000,000 SF
Asset Type
Other
Closing
Apr 23, 2018
About this deal
AI
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.
Players
Santa Monica Other Market Snapshot
Boundary boundary · Other · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93