By Evelyn Jozsa
JOSS Realty Partners sold a Class A+ creative office building in Santa Monica, Calif., to MDC Realty Advisors for $30.5 million or $1,296 per square foot. This marks one of the highest prices per square foot ever recorded for a commercial office building outside of New York City.
Joss Realty Partners acquired the property at 1315 Lincoln Blvd. in 2015, for $1,004 per square foot, which already ranked as one of the highest prices paid in Greater Los Angeles at that time. The property’s rise in value shows that the commercial market in Santa Monica has become highly competitive. Besides this, new building management and aesthetic upgrades were implemented, which also led to the asset’s increased value.
“Over the past two years, we have utilized our experiences to improve the site’s entire footprint. Today, 1315 Lincoln Blvd. offers contemporary office space and first-class amenities in a highly-desired location. It is a great example of the growth prospects JOSS looks for in real estate markets nationwide,” said Larry Botel, founding partner of JOSS, in a prepared statement.
The creative office space is fully leased and features units with individual patio areas, ample parking and a first-floor gym.
The property is an innovative commercial space in the heart of Silicon Beach. It is enclosed by more than 600 technology, media, entertainment and creative companies.
“The city of Santa Monica has thriving tech and tourism industries, convenient public transportation, and is one of the country’s most desirable places to live and work. These elements, combined with its very high barriers to entry for development, made 1315 Lincoln Blvd. the perfect investment opportunity,” added Larry Botel.
The property is within walking distance from popular shopping and entertainment options, including the world-famous Third Street Promenade retail district and the expanded light-rail line to downtown Los Angeles.
Image via Google Street View