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Santa Monica Building Is Sold To Oracle For $368M


Oracle Corp just bought an office building at 2600 and 2700 Colorado Ave for $368M, or about $1,165/SF.

The sellers were Atlanta's Invesco and Santa Monica's Worthe Real Estate Group.

The 316k SF property was valued last year at $284M, or $899/SF, when Invesco made its investment in the office complex.

The new owner is listed in public records as LLC Office Block Investment on behalf of an Oracle subsidiary, Oracle America Inc, the LA Business Journal reports.

Redwood City's Oracle will lease space at 2600 Colorado Ave, which is currently occupied by Viacom Inc.

That company plans to relocate to Hollywood next year.

Lions Gate Entertainment Corp plans to stay where it is at 2700 Colorado Ave. [LABJ]