JPMorgan Asset Management is reportedly set to acquire the Activision Blizzard headquarters in Santa Monica from the California State Teachers’ Retirement System (CalSTRS). According to Los Angeles Business First, this acquisition comes with a purchase price of $165.5 million, which is lower than CalSTRS’ original asking price of $180 million when it put the fully leased office property on the market earlier this year.
The 222,000-square-foot Class A building at 2701 Olympic Blvd., formerly known as PaperMate Factory and converted into an office space in 2017 by Lincoln Property Company and Clarion Partners before being sold off to CalSTRS shortly after renovation completion, houses nearly 90,000 square feet occupied by Activision Blizzard. This sale precedes Microsoft’s planned closure of its $69 billion acquisition deal for Activision Blizzard later this month.
