SANTA MONICA, Calif.--(BUSINESS WIRE)--JOSS Realty Partners today announced the acquisition of a 23,531 square foot boutique office property in downtown Santa Monica for $23.7 million. The $1,004 per square foot price is one of the highest paid for a Los Angeles-area property.
The class A office property at 1315 Lincoln Boulevard is located in the heart of Silicon Beach, home to more than 600 technology, media, entertainment and creative companies and just a short walk from the second highest-earning retail street in Los Angeles. With a limited supply of office space in downtown Santa Monica, the property is a best in class asset in Silicon Beach.
“Santa Monica is the perfect area for us to enter into as we expand our growing investment portfolio,” said Larry Botel, managing partner of JOSS Realty Partners. “This acquisition marks our first purchase in Los Angeles, and with Santa Monica considered to be one of the strongest and most dynamic office markets in the country, we are confident that this new venture will be as successful as our East Coast properties.”
The modern office building features units with individual patio areas and ample parking and is surrounded by prosperous residential communities including Santa Monica, Beverly Hills, Malibu and Bel Air.
“It is rare to get the opportunity to purchase a building in this area, let alone a high quality stabilized asset,” continued Botel. “Santa Monica real estate is largely dominated by long-term landlords and seldom becomes available for purchase. Per square foot, the cost of this building rivals the cost of office space in our other markets, New York City and Washington, DC, but the high demand and constrained supply for office space in this area makes this the next logical step for us.”
The fully occupied five-tenant building is home to City National Bank, Chandler Chicco Agency, Centro Media, O’Gara Coach Company and Dethrone Basecamp.
JOSS Realty Partners
JOSS Realty Partners is a private owner/operator focused real estate investment management firm headquartered in New York City. Since inception in 2005, JOSS has acquired 20 office assets totaling over 3 million square feet with a value in excess of $750 million. JOSS owns BMS Real Estate Services LLC, an affiliated property management company with over 1,500,000 square feet of office under management in Washington, DC, New York, and Los Angeles.