The Santa Monica home of video game developer Activision Blizzard Inc. and prescription drugs savings platform GoodRx Holdings Inc. was purchased by JPMorgan Chase & Co. for about $166 million. The building’s owner, the California State Retirement Systems, originally put the property up for sale in February for $180 million.

The property, a 219,571-square-foot Class A office space., is located at 2701 Olympic Blvd. JPMorgan’s Asset Management division is paying CalSTRS $754 per square foot for the building. Meanwhile, the average listing price for real estate in Los Angeles was much lower at $211 per square foot in July, according to CommercialEdge.

Known as Pen Factory, the property was built in 1957 and was previously home to a PaperMate manufacturing facility. The facility closed in 2005 and the property later reopened as an office park in 2017 after being refurbished and redeveloped by the Lincoln Property Co. and downtown-based Clarion Partners LLC. Lincoln Property and Clarion Partners then sold it to CalSTRS after finishing renovations. The building is comprised of one story and features a landscaped courtyard and subterranean parking garage. 

While neither Activision nor GoodRx publicly disclose how much they pay for rent, office real estate in Santa Monica is significantly more expensive than in other parts of the county. According to Jones Lang LaSalle Inc., the average asking rent for Class A office space in Santa Monica was $6.29 per square feet in the second quarter of this year. That’s much higher than the L.A. average of $4.20 per square foot, and even the $4.77 per square foot average in nearby Culver City.

GoodRx leases about 130,000 square feet of space in the Pen Factory complex and Activision leases about 90,000 square feet for its corporate headquarters. The building’s sale comes just over a month before the scheduled deadline for Activision’s $68.7 billion acquisition by Microsoft Inc.