Sep
18
Creative Office Sells for $31M in Santa Monica, CA
ByThe Class A+ property traded for one of the highest prices per square foot ever recorded outside of New York City. The deal reflects the increasingly competitive commercial market in Santa Monica, Calif.
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…
