A New Jersey real estate investment trust announced today that it has purchased the Hawthorne headquarters building of Elon Musk’s Space Exploration Technologies Corp., also known as SpaceX, for $46.7 million.
Chambers Street Properties of Princeton, N.J., purchased the 510,000-square-foot industrial property at 1 Rocket Road from Newport Beach real estate company Westport Properties Inc.
The property, built in 1966, last traded hands in 2006 for about $25 million. Since then, SpaceX moved in and signed a long-term lease. The rocket and spacecraft designer and manufacturer has leased the entire building through January 2023.
Jack A. Cuneo, president and chief executive of Chambers Street, said the SpaceX property will be a valuable addition to the company’s already expansive industrial portfolio.
“This property is a great addition to our portfolio and increases our global industrial holdings to over 27 million square feet,” he said.
Barbara Emmons, Darla Longo, Kevin Shannon, Ken White and Scott Schumacher of CBRE Group Inc. represented the seller in the deal, and Chambers Street handled negotiations internally.