Universal Music Group’s Santa Monica Headquarters Office Sold to Drawbridge Realty
$185 Million Deal
Drawbridge Realty, a San Francisco-based real estate investment firm, has acquired Universal Music Group’s Santa Monica headquarters office building for $185 million. The 225,773-square-foot office building, located at 2220 Colorado Avenue, was sold by New York-based Clarion Partners.
Purchase Details
The purchase price works out to approximately $819 per square foot. Drawbridge Realty represented itself in the deal, while Newmark’s Kevin Shannon, Alex Foshay, Ken White, Rob Hannan, Laura Stumm, and Michael Moll represented the seller.
Property Overview
The Class A office space totals six stories and is fully occupied by Universal Music Group, which has a lease until July 2036. The building was constructed in 1999 and features two recording studios, conference areas, parking, an on-site cafeteria, and outdoor workspaces.
Location
The property, known as Arboretum Gateway, is situated near other major media and entertainment companies, including Starz, AMC Networks, Amazon.com, Roku, and Sony. The Santa Monica office market has an overall vacancy rate of 21.3 percent, with average asking rents of $6.01 per square foot in the second quarter.
Drawbridge Realty’s Portfolio
This deal marks Drawbridge Realty’s first purchase on Los Angeles’ Westside. The firm’s existing portfolio consists of over a dozen properties in Westlake Village, the Bay Area, Orange County, and San Diego County, among other markets.
Conclusion
The sale of Universal Music Group’s Santa Monica headquarters office building to Drawbridge Realty highlights the continued demand for high-quality office space in the region. With its prime location and modern amenities, the property is poised to remain a hub for the music industry and other media and entertainment companies.
Frequently Asked Questions
Q: Who is the new owner of Universal Music Group’s Santa Monica headquarters office building?
A: Drawbridge Realty, a San Francisco-based real estate investment firm.
Q: How much did Drawbridge Realty pay for the property?
A: $185 million.
Q: What is the square footage of the property?
A: 225,773 square feet.
Q: How long does Universal Music Group have left on its lease?
A: Until July 2036.
Q: What is the overall vacancy rate of the Santa Monica office market?
A: 21.3 percent.
