Boston Properties, Inc. completed a $511-million acquisition of Colorado Center, a 15-acre office campus in Santa Monica, CA. The Boston-based REIT took a 49.8% interest from Blackstone Group and will serve as the managing partner of a joint venture with Teachers Insurance and Annuity Association, which own the balance of the asset.
The 1.1-million-square-foot property is Boston Properties’ first in the market, though additional acquisitions are expected to follow.
Eastdil Secured represented the seller, while LA Realty Partners’ Peter Best, Chris Houge and Tyler Jemmett will continue to handle leasing. The transaction marks the fourth time Eastdil Secured has sold the asset, going back more than 15 years.
Colorado Center benefits from a Media and Entertainment District location near a light rail line station. Eastdil Secured’s Stephen Silk says, “Transit has increased everyone’s interest in projects near the stops.”