**Newmark Closes $40M Sale of Santa Monica Office Building for Kilroy**
Newmark has successfully arranged the $40 million sale of 501 Santa Monica Blvd., a seven-story office building in Downtown Santa Monica. The property totals 78,509 square feet and includes a four-level standalone parking structure.
The Newmark team representing the seller, Kilroy Realty Corporation, was led by Co-Head of Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm, and Michael Moll, along with Director Alex Beaton.
The buyer, Washington Capital, was self-represented in the transaction. Additional support on debt strategy and financing was provided by Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone and Vice Chairman Blake Thompson.
“Opportunities to acquire prime assets located in Downtown Santa Monica are few and far between,” said Shannon. “The seller had owned this asset for almost 30 years, which is not an uncommon hold period for jewel box Santa Monica assets like 501 Santa Monica.”
The LEED Gold-certified office building was 65% leased at the time of the sale.
