{"id":1004699232,"date":"2024-01-24T05:44:32","date_gmt":"2024-01-24T13:44:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004699232"},"modified":"2024-01-30T11:32:37","modified_gmt":"2024-01-30T19:32:37","slug":"bxp-snaps-up-big-lease-extension-in-santa-monica","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bxp-snaps-up-big-lease-extension-in-santa-monica\/","title":{"rendered":"BXP Snaps Up Big Lease Extension in Santa Monica"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004699233\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bxp-snaps-up-big-lease-extension-in-santa-monica\/sm-bus_park_3340_v2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/SM-Bus_Park_3340_v2-e1706051522461.jpg\" data-orig-size=\"4703,3522\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Leslie Nakashima&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 2017 Les Nakashima\/Nextimage3D&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"SM-Bus_Park_3340_v2\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;3340 Ocean Park, where Snap Inc., signed a new 1&#8211;year lease. Image courtesy of BXP.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/SM-Bus_Park_3340_v2-e1706051522461.jpg?w=1024\" height=\"689\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/SM-Bus_Park_3340_v2-e1706051522461.jpg?w=1024\" alt=\"\" class=\"wp-image-1004699233\" style=\"width:400px\"\/><figcaption class=\"wp-element-caption\">3340 Ocean Park, where Snap Inc., signed a new 10-year lease. Image courtesy of BXP.<\/figcaption><\/figure><\/div>\n\n<p><strong>Snap Inc.<\/strong>, the parent company of Snapchat, has extended its stay in Santa Monica. The social media owner signed a 10-year lease extension for more than 467,000 square feet across eight office buildings at the Santa Monica Business Park, a 21-building, 1.2 million-square-foot creative office campus owned by <strong>BXP<\/strong>.<\/p>\n<p>Snap&#8217;s current headquarters is located a quarter mile to the south at the city-owned 2772 Donald Douglas Loop. The company occupies more than 720,000 square feet around the city.<\/p>\n<h2>Decisions around Silicon Beach<\/h2>\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"512\" data-attachment-id=\"1004699234\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bxp-snaps-up-big-lease-extension-in-santa-monica\/attachment\/9868\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9868.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"9868\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9868.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9868.jpg\" alt=\"\" class=\"wp-image-1004699234\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9868.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9868.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption class=\"wp-element-caption\">2850 Ocean Park Blvd., home to Snap Inc.&#8217;s first lease at the Park. Image courtesy of CommercialEdge<\/figcaption><\/figure><\/div>\n\n<p>According to CommercialEdge information, Snap has occupied the spaces at BXP\u2019s park since 2017, first leasing 217,000 square feet at 2850 Ocean Park Blvd., a three-story, Class A office building built in 1980. Four years later, it became the park\u2019s largest office tenant when it expanded by 145,000 square feet at 3100 Ocean Park Blvd., a nearby three-story property. <em>Commercial Observer<\/em> found that the space at 3100 Ocean Park had been previously occupied by video game holding company Activision Blizzard.<\/p>\n<p>The other leases in Snap\u2019s renewal included smaller spaces at 3340, 3250, 3200 and 3040 Ocean Park Blvd., as well as 2900 and 2950 31<sup>st<\/sup> St.<\/p>\n<p>In December, <em>Yahoo Finance<\/em> reported that the firm was considering reducing its office footprint by some 160,000 square feet. That information emerged more than a year after the company decided to lay off more than 20 percent of its workforce, roughly 1,300 employees.<\/p>\n<h2>BXP\u2019s big moves<\/h2>\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"512\" data-attachment-id=\"1004699235\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bxp-snaps-up-big-lease-extension-in-santa-monica\/attachment\/9496\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9496.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"9496\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9496.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9496.jpg\" alt=\"\" class=\"wp-image-1004699235\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9496.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/9496.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption class=\"wp-element-caption\">3100 Ocean Park Blvd., where Snap leases 145,000 square feet of space. Image courtesy of CommercialEdge<\/figcaption><\/figure><\/div>\n\n<p>Snap Inc.\u2019s, lease at the Santa Monica Business Park predates BXP\u2019s ownership. The firm, in a <a href=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-invests-in-nyc-la-assets\/\">joint venture<\/a> with the <strong>Canada Pension Plan Investment Board,<\/strong> picked up the 47-acre asset in 2018 for $628 million. BXP had entered the Santa Monica market two years earlier with the $511.1 million purchase of Colorado Center, a six-building, 1.1-million-square-foot property.<\/p>\n<p>According to CommercialEdge information, many of the buildings in the park were built between 1978 and 1980, and many underwent cosmetic renovations in 2010. The Park sits inside one of the city\u2019s largest tech hubs, hosting more than 500 companies that include Reality Labs (formerly Oculus VR), Riot Games, Hulu, Tinder, <a href=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-lands-new-tenant-at-santa-monica-office-campus\/\">Roku<\/a> and <a href=\"https:\/\/www.commercialsearch.com\/news\/hudson-pacific-sells-2-la-office-properties-for-73-million\/\">ZipRecruiter<\/a>.<\/p>\n<p>The greater Los Angeles office market has struggled in the aftermath of the pandemic, pressured by the remote work trend and the <a href=\"https:\/\/www.commercialsearch.com\/news\/getting-into-the-heads-of-tech-tenants\/\">migration of tech tenants<\/a> to northeastern and southern markets. A fourth quarter 2023 market update from <a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/greater-los-angeles-marketbeats\" target=\"_blank\" rel=\"noopener\">Cushman &amp; Wakefield<\/a> found that the city\u2019s leasing volume had declined by 31.7 percent year-over-year, while the L.A. West submarket has seen more than 900,000 square feet of negative net absorption. Still, the city has roughly 2.2 million square feet of office space in its pipeline.<\/p>\n<p>The city has fared better on the dealmaking front, generating the nation&#8217;s <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\" target=\"_blank\" rel=\"noopener\">largest transaction volume<\/a>. Earlier this month, The Regents of the University of California recently completed the <a href=\"https:\/\/www.commercialsearch.com\/news\/ucla-pays-700m-for-pair-of-los-angeles-office-assets\/\">$700 million purchase<\/a> of One Westside and Westside Two, two office properties that UCLA plans to convert into research facilities. In late December, Shorenstein sold the <a href=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-sells-la-office-tower-for-148m\/\">Aon Center<\/a>, a 1.1 million square-foot tower, to Carolwood LP.<\/p>","protected":false},"excerpt":{"rendered":"<p>A social media giant&#8217;s footprint at this property covers nearly 500,000 square feet. <\/p>\n","protected":false},"author":3012,"featured_media":1004699233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1594,21742,21747,15],"tags":[52299,33308,52298],"class_list":["post-1004699232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-los-angeles","category-latest","category-office","category-west","tag-bxp","tag-canada-pension-plan-investment-board","tag-snap-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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