Contact Us

Former Santa Monica Sears To Transform Into 100K SF Mixed-Use Development

Rendering of The Mark 302 in Santa Monica

Construction has begun to transform the iconic former Sears building in Silicon Beach into a modern-style mixed-use development with creative office and retail.

In a JV, REIT Seritage Growth Properties and Newport Beach-based Invesco Real Estate co-own and are developing The Mark 302, a 100K SF mixed-use campus at 302 Colorado Blvd. in downtown Santa Monica.

With views of the beach and Pacific Ocean and a downtown landscape, The Mark 302 will feature a multi-level workspace with natural light, a private rooftop deck, indoor and outdoor workspaces, and retail and restaurants on the ground floor. 

Rendering of The Mark 302 in Santa Monica

The project will convert the building at the gateway to Santa Monica into a breathtaking office and retail destination, Seritage President and CEO Benjamin Schall said in a news release.

Sears had operated at that Santa Monica location for nearly 70 years. It closed last year. The building became a city landmark in 2004. 

Seritage, a spinoff REIT of Sears Holdings, took control of that Sears building and about 235 other Sears and Kmart stores nationwide in 2015.

Earlier this year, Seritage sold a 50% interest in the Santa Monica project to Invesco for $50M.

This is the second development from this partnership. Earlier this year, Seritage sold Invesco a 50% interest of The Collection at UTC, a 200K SF redevelopment project in La Jolla.

The Mark 302 is expected to open in fall 2019.