June 10, 2016
Santa Monica-based Horizon Buildings Inc., acquired 2601 Ocean Park Blvd. from a joint-venture between Newport Beach, CA-based Buchanan Street Partners and Newport Beach, CA-based Davenport Partners for $25.6 million. The 44,500-square-foot office property is being re-positioned as a tech-friendly campus for startups.
The three-story property, built in 1980 and last traded in 2006 for $11.4 million, is 88% percent leased to multiple tenants and is within walking distance of numerous restaurants and shops. The new owners plan to make improvements to the interior courtyard as an enticement to draw additional tech and startup firms.
CBRE’s Michael Longo represented the the seller along with NGKF’s Kevin Shannon, Ken White, and Rob Hannan. Newmark’s Gibran Begum represented the buyer in a 1031 exchange.