Pennybacker SM Assets (2025)

Santa Monica, CA, US, Americas

Description

JLL, as exclusive advisor, is pleased to offer qualified investors an opportunity to acquire the 100% fee simple interest in 401 Santa Monica Blvd., 1351 4th St., 2415 Michigan Ave., and 625 Arizona Ave. ("Santa Monica Creative Portfolio", the "Property" or "Properties"); a distinctive four building Portfolio in the heart of Santa Monica that totals 134,553 RSF. Qualified buyers can assume existing debt at a blended 4.04% rate for 6+ Years. All four buildings underwent extensive renovations, with current ownership investing $10 million to transform them into highly desirable creative assets that command significant rent premiums over traditional office properties in the market. $7 million of this investment has been since 2021, with 401 Santa Monica receiving comprehensive reconstruction during 2021-2023.

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Attributes

Building area net

185,192 sf

Year built

1972

Land area net

1.87 acres

Pennybacker SM Assets (2025) (5 Properties)

Media

Investment Highlights

Prime Retail Footprint: 18,000 SF of Class A retail space in one of LA's premier market
6+ Years Assumable Debt at a blended 4.04% rate
Proven Rent Growth: Creative office achieving 15-34% growth while commodity office down -12% to -21%
Exit Optionality driven by flexibility of owning four separate legal parcels
Supply-Constrained Location: Prime Santa Monica with no new creative pipeline