Brokerage firm Lee & Associates has closed a $7.9 million office sale in Santa Monica. The current home of Riot Creative Imaging, the 18,000-square-foot building is located at 1740 Stanford St., near the former industrial area of eastern Santa Monica.
The buyer, 1740 Stanford, LLC, was represented by David Wilson, a principal of Lee & Associates – Los Angeles West. The building, constructed in 1957, houses Riot Creative Imaging, whose parent company is ARC. Riot, which grew from a single print shop in Los Angeles in 1989 to more than 200 locations around the world, has become the leading document-solutions provider in the Architecture, Engineering, and Construction (AEC) marketplace.
“The office space situation, and commercial real estate in general, in Santa Monica is extremely tight, specifically for well-located older brick and bow truss type industrial buildings,” said Wilson of Lee & Associates. “So the search for what the buyer was looking for was difficult. This sale generated eight solid offers, so it was very competitive. There are many well-capitalized buyers looking for owner-user buildings similar to this one.”
Wilson said that the buyer is in discussions with John Pawson from the U.K. to assist in the renovation of this building.
“His plans call for making this office into the headquarters for MJZ, the world’s most successful commercial production company, which he hopes to have completed by 2015.”
Bob Dubbins of CBRE represented the seller, C&B Enterprises, LLC.