Santa Monica Office Campus Changes Hands in $400M Deal
- Nov 16, 2016
Los Angeles—A joint venture between Brightstone Capital Partners and Artisan Realty Advisors has acquired Lantana Media Campus, a 478,713-square-foot office complex comprised of four buildings in Santa Monica, Calif., for $400 million from Jamestown.
“Santa Monica’s strategic location and amenity-rich environment make the area one of the top submarkets in Southern California,” Dennis Irvin, Brightstone Capital Partners’ managing director, said in a prepared release. “It is one of the most supply constrained markets in the country, making the acquisition of Lantana Media Campus an extraordinary opportunity for Brightstone and one that is consistent with our model of acquiring unique, high quality assets in advance of offering interests to our investors.”
Mesa West Capital provided a seven-year, $283.3 million floating rate non-recourse loan for the transaction and planned renovations.
“The principals of Brightstone and Artisan have previously executed value-add business plans on high-quality assets throughout the country,” Steve Fried, who led the origination team for Mesa, said in the release. “We are confident in their ability to do the same with the Lantana Media Campus, a landmark asset in the supply-constrained Santa Monica market.”
The property is situated on a 12-acre site on Olympic Boulevard and Exposition Boulevard.
According to the release, the new ownership team will start on a comprehensive renovation program, ensuring that Lantana will meet the standards of even the most discerning creative companies. Planned upgrades include fresh, contemporary approaches to the lobbies, elevators and restrooms, as well as new enhancements designed to activate and energize interior private courtyards and the addition of a robust, on-site amenity package.
“As the new stewards of this appealing property, our goal is to create a world-class media campus in Santa Monica,” Mark Laderman and Collin Komae, Artisan Realty Advisors’ co-founding partners, said in a joint statement. “Today’s top creative people seek a work environment that maximizes the potential for collaboration and is also highly amenitized. We are confident that Lantana will increasingly be their new location of choice.”
Current tenants of the complex include Dick Clark Productions and fitness brand Beachbody, which signed a 69,000-square-foot lease back in May with Jamestown LP to take over the former IMAX building. When added to its current office next door, the company now possesses 200,000 square feet for its corporate headquarters.