Home Of Universal Music In Santa Monica Sells For $185M

Photo credit: Courtesy of Drawbridge Realty
The Arboretum Gateway At 2220 Colorado Ave. In Santa Monica.

Drawbridge Realty has purchased 2220 Colorado Ave. in Santa Monica, also known as the Arboretum Gateway, for roughly $185M, Bisnow has confirmed.

Drawbridge announced the purchase but did not disclose a sale price. The price translates to roughly $819 per SF.

The sale marks one of a few major office trades this year that hasn't featured a distressed asset or a large price cut from a previous sale.

“This is a high-quality property with a strong, long-time tenant and a very creative build-out that establishes the building as one of the signature assets in Santa Monica,” Drawbridge Realty Vice President of Investments and Asset Management Jaden Rosselli said in a release.

The approximately 226K SF, Class-A building in Santa Monica’s media district is 100% leased to Universal Music Group as its operational headquarters. Universal signed a lease extension for the entire six-story property in the second quarter of this year, Commercial Observer reported at the time.

Universal operates two recording studios at the Arboretum Gateway, which also features conference rooms, direct-access parking, outdoor decks and on-site food and coffee offerings.

The seller, Clarion Partnersbought the property in 2004, paying $95M, according to The Registry, which also reported in June that Clarion listed the property for sale. A Newmark team led by Kevin Shannon represented Clarion in the transaction.

Office sales have been sluggish, and those trading hands are often deeply discounted. There are outliers, however, such as the $118M sale of a Tishman Speyer property in Beverly Hills to clothing company Fashion Nova, which worked out to about $674 per SF.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Los Angeles Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Developers Riding The Surf Park Wave With Resorts, Retail And Residences

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject

Immigration Crackdowns Dealt LA Businesses A Multimillion‑Dollar Blow