{"id":1004524691,"date":"2021-04-28T05:52:49","date_gmt":"2021-04-28T13:52:49","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004524691"},"modified":"2021-05-15T10:29:20","modified_gmt":"2021-05-15T18:29:20","slug":"boston-properties-lands-new-tenant-at-santa-monica-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-properties-lands-new-tenant-at-santa-monica-office-campus\/","title":{"rendered":"Boston Properties Lands New Tenant at Santa Monica Office Campus"},"content":{"rendered":"
\"\"<\/a>

Colorado Center<\/p><\/div>\n

Boston Properties has signed Roku Inc. at the 1.2 million-square-foot Colorado Center office campus in Santa Monica, Calif. The San Jose-based entertainment platform will occupy 72,000 square feet at the six-building, Class A property under a 10-year lease.<\/p>\n

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READ ALSO<\/strong>: Leveraging Uncertainty to Craft Creative Leasing Strategies<\/a><\/p>\n

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LA Realty represented the landlord, a joint venture between Boston Properties and Teachers Insurance and Annuity Association, while Colliers and CRESA assisted the tenant in the negotiations.<\/p>\n

Situated less than 2 miles from downtown Santa Monica, the office campus sits across from the 17-acre Water Garden business park, Roku\u2019s current location. Easily accessible through public transportation, the property is near several bus stations and the Bergamot light-rail station connecting it to downtown Los Angeles.<\/p>\n

A Class A property<\/h2>\n

In 2016, Boston Properties acquired a 49.8 percent interest in Colorado Center from Blackstone for $511.1 million, with TIAA owning the reminder 50.2 percent. Following the purchase, Boston Properties also became the joint venture\u2019s managing partner.<\/p>\n

The campus occupies a 15-acre parcel at 2401-2500 Colorado Ave. within Santa Monica\u2019s Media and Entertainment District. Completed between 1984 and 1991, the buildings were most recently renovated in 2016, according to CommercialEdge data.<\/p>\n

The property also encompasses a three-level underground parking structure with 3,100 spaces, the 3.5-acre Colorado Center Park and a 3.7-megawatthour energy storage system<\/a>, considered the largest indoor project of its kind in the country.<\/p>\n

The owner spent $40 million in property renovations, according to the Los Angeles Business Journal<\/em>. Upgrades feature a new public plaza and a food hall, as well as the 29,000-square-foot TriFit Club and Studios, which has two tennis courts and a swimming pool.<\/p>\n

Office leasing activity still sluggish<\/h2>\n

Direct vacancies have continued to increase across the metro during the first quarter of 2021, reaching an all-time high of 12.6 percent, according to a recent Kidder Mathews report. However, despite the various challenges associated with the pandemic, several large lease agreements were signed. The most prominent was the 281,110-square-foot lease<\/a> signed by Beyond Meat at a 390,000-square-foot office property in El Segundo, Calif.<\/p>\n

In another significant transaction, the U.S. General Services Administration signed a lease renewal<\/a> at the Shoreline Square office building in Long Beach, Calif. GSA\u2019s lease totals more than 140,000 square feet at Parallel Capital Partners\u2019 property, keeping its occupancy at 87 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

A San Jose-based entertainment platform will occupy 72,000 square feet at the 1.2 million-square-foot property.<\/p>\n","protected":false},"author":870,"featured_media":1004527981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,1594,21742,21747,15],"tags":[32843,35498,34279,44303,33460],"class_list":["post-1004524691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-los-angeles","category-latest","category-office","category-west","tag-boston-properties-inc","tag-colliers","tag-cresa","tag-la-realty-partners","tag-tiaa"],"acf":[],"yoast_head":"\nBoston Properties Lands New Tenant at Santa Monica Office Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-lands-new-tenant-at-santa-monica-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston Properties Lands New Tenant at Santa Monica Office Campus\" \/>\n<meta property=\"og:description\" content=\"A San Jose-based entertainment platform will occupy 72,000 square feet at the 1.2 million-square-foot property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-lands-new-tenant-at-santa-monica-office-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-28T13:52:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:29:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Colorado-Center-e1619613365955.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/boston-properties-lands-new-tenant-at-santa-monica-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/boston-properties-lands-new-tenant-at-santa-monica-office-campus\/\",\"name\":\"Boston Properties Lands New Tenant at Santa Monica Office Campus - 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