JOSS Realty Partners announced Monday 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 is located at 1315 Lincoln Blvd.
“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,” Botel said. “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.