In a sign of boom times for Santa Monica, the Lantana office campus sold on Monday for $400 million, or about $825 a square foot. That’s one of the priciest recent deals in the seaside city, after Colorado Center’s sale in July for about $863 a square foot.
The new owners are Santa Monica-based Artisan Realty Advisors and New York-based Brightstone Capital Partners, which is backed by Chinese developer China Vanke Co. Both companies were formed earlier this year by veteran real estate professionals.
Jamestown, an Atlanta-based investor, had bought the Lantana center in 2013.
Lantana, with 478,700 square feet spread across four buildings at Olympic Boulevard and Stewart Street, is home to a range of media and technology companies including Dick Clark Productions and fitness video maker Beachbody.
The new owners plan to spend millions on renovations, according to a prepared statement, adding modern designs and updated courtyards.
The sale comes as leases totaling several hundred thousand square feet in Santa Monica are set to be signed in the coming weeks, according to brokers working in the market.
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