Our client Jamestown expanded into Southern California with the purchase of Lantana, a premier office, studio and production campus located in the heart of Santa Monica, California’s Media District. This acquisition adds to the growing national portfolio of Jamestown properties focused on the technology, media and creative industries.
Jamestown Acquires Lantana Complex in Santa Monica’s Media District
Company Expands Portfolio of Media, Technology and Entertainment Properties
SANTA MONICA (August 1, 2013) — Leading national real estate investment and management firm Jamestown has acquired Lantana, a premier office, studio and production campus located in the heart of Santa Monica, California’s Media District, one of the most desirable and high-barrier office submarkets in the world. The seller is the Lionstone Group of Houston.
This acquisition adds to the growing national portfolio of Jamestown properties focused on the technology, media and creative industries. “The innovation economy is driving demand for work spaces that offer a vibrant mix of amenities, metropolitan ambience and collaborative, flexible environments,” said Michael Phillips, Chief Operating Officer of Jamestown. “Jamestown is helping to lead the charge in creating next-level spaces in just these types of environments, and our work at Lantana will further this commitment.”
Lantana comprises four trophy office buildings, including a Gold LEED-certified asset, totaling 484,840 square feet of premium creative office and production space. Built between 1989 and 2008, the complex is ideally situated on 12 acres located at 2900 and 3000 West Olympic Boulevard and at 3003 and 3301 Exposition Boulevard, and is 94% leased. The flexible-use buildings can accommodate a wide variety of tenant needs, forming a creative environment that draws some of the largest names in the media industry, including IMAX, Todd-AO, BeachBody LLC and Dick Clark Productions.
Lantana presents exceptional in-place cash flow, and its quality, location, and flexibility have achieved impressive occupancy and above average rental rates. The complex is in direct proximity to the Santa Monica I-10 and the 405 Freeways, and has immediate access to Santa Monica’s transportation system along the major thoroughfares of Olympic, Pico, and Wilshire boulevards. Additionally, Lantana is three blocks from the Bergamot Station art center, where a station is under construction for the new light rail Expo Line, slated to open in 2015.
The Lionstone Group was represented by Eastdil Secured.
This acquisition represents Jamestown’s first purchase in Southern California. The firm has been expanding its west coast presence with a number of recent acquisitions, including the purchase of a retail and office portfolio in downtown San Luis Obispo. Jamestown also owns additional mixed-use assets in the San Francisco Bay Area.
Other Jamestown-owned creative properties in strategic, urban locations include:
+ Chelsea Market in New York City, where tenants include Google, the Food Network, MLB Digital Media, NBC
Universal and EMI Entertainment
+ The mixed-use 799 Market Street in San Francisco, with tech tenants including Monster.com, and the
neighboring 22 Fourth Street, located at the juncture of the SoMa technology corridor and the Union
Square shopping district
+ 325 Hudson Street in New York City, a magnet for creative and technology firms that offers direct access to
transatlantic cables and a new data center/technology infrastructure
+ The Bronstein Industrial Center, a block-long, 800,000-square-foot warehouse space that also contains the
Boston Design Center, and is home to a growing number of start-up labs
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 30 years, Jamestown has generated approximately $8 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownproperties.com.
Renay Weissberger Fanelli
t. 415.457.7180 l f. 415.457.7182