The building is one of the last free-standing creative office spaces left in the heart of Silicon Beach
Los Angeles – Sept. 13, 2016 – CBRE Group, Inc. announced the near-completion of the adaptive reuse of a free-standing creative office property in Santa Monica, California. Completion is expected by the fourth quarter, and leasing discussions are underway.CBRE’s Daniel Rainer, Blake Mirkin, Richard Ratner and Romi Mouillon are the leasing agents for the property, located at 1301 Colorado Boulevard.
“These types of creative free-standing buildings that sit in the heart of Silicon Beach and next to public transportation are extremely rare and in high demand,” said CBRE’s Daniel Rainer.
Class “B” office space is the new Class “A” in Santa Monica, where vacancy rates for this category are at a mere 3.4 percent, according to CBRE data. This scarcity has led to asking lease rates for this type of space to jump 26.8 percent higher than the West Los Angeles average and an impressive 123.8 percent above the Los Angeles County average.
The property meets the size requirement criteria for 41.4 percent of the tenants in the market looking for space in West Los Angeles, according to CBRE research.
“Companies have placed such a strong emphasis on creating a brand and culture in their space, and this is one of the last buildings in downtown Santa Monica in the 10,000 to 20,000 square-foot size range that offers the opportunity to do so,” said Rainer.
The property, a 16,837 square-foot, single-story 1980’s industrial building, offers subterranean parking and outdoor areas. It features an open work area with expansive ceilings, concrete floors, operable windows, skylights, glass sliding doors, mezzanine space and exposed wood.
The building is also LEED certified.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the
world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
