Century City-based HQ Creative Office has purchased a three-story, 15,200-square-foot office building at 1522-1524 2nd St. in Santa Monica for $13.2 million, or around $861 per square foot.
Bob Safai, president and owner of Madison Partners, along with senior executive directors Matt Case and Brad Schlaak were the brokers on the deal. They represented both HQ Creative Office and the seller, Hertz Investment Group of Woodland Hills.
The building was sold without tenants and a full rehab is planned for the property, Safai confirmed in an email.
The property, located in downtown Santa Monica across the street from the Santa Monica Place shopping center and steps from the beach and Santa Monica Pier, was built in 1995.
The sale was on par for the area. In November 2016, 1546 7th St., located less than half a mile away, is nearly 11,300 square feet and was sold for $10.3 million or $909 per square foot.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.