In another sign of investors' willingness to bet on Los Angeles' long-awaited office recovery, Drawbridge Realty has acquired Universal Music Group's headquarters in Santa Monica for $185 million, nearly double the building's prior sales price.
Clarion Partners offloads Universal Music's LA-area headquarters in $185 million deal
Santa Monica deal points to appeal of single-tenant properties despite region's ongoing challenges
By Katie Burke
CoStar News
October 8, 2024 | 9:26 P.M.
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IN THIS ARTICLE
- Properties
- Arboretum Gateway / Universal Music Group
2220 Colorado Ave, Santa Monica, CA
- Companies
- Drawbridge Realty
Real Estate
- Clarion Partners
Finance and Insurance
- Universal Music Group
Information
- Contacts
- Kevin Shannon
Co-Head of U.S. Capital Markets, Newmark
- Rob Hannan
Vice Chairman, Newmark
- Michael Moll
Vice Chairman, Newmark
- Laura Stumm
Vice Chairman, Newmark
- Alex Foshay
Executive Vice Chairman, Newmark