The Olson Company has acquired a 7.9-acre office campus in Monterey Park, purchasing the former Blue Shield of California offices for $24,850,000. The property is located at 601 Potrero Grande Dr. and 2100 Saturn St. and consists of two office buildings totaling 120,191 square feet. The buyer intends to redevelop the site into a new residential community, shifting the property away from its historic office use.
NAI Capital Commercial executive managing director Ryan Campbell, SIOR, represented The Olson Company in the transaction. Campbell characterized the acquisition as part of an ongoing pattern in which well-located office assets in the San Gabriel Valley are being repositioned to help meet housing needs. He noted that large infill redevelopment sites of this scale have become increasingly difficult to secure, underscoring the strategic nature of the purchase for the buyer.
The campus, originally constructed in 1980, had been owned and occupied by Blue Shield of California prior to the sale. On the seller’s side, Andrew Harper, Jeff Bramson, and Will Poulsen of JLL provided representation. The transaction marks a transition for the site from a single corporate user to a planned residential use, with the existing buildings slated for redevelopment rather than continued office occupancy.
Campbell emphasized that the property’s size, infill location, and long-term potential align well with its planned conversion into housing. In his view, transforming an underutilized office campus into a residential community provides an opportunity to both add new housing stock and modernize a site that no longer reflects prevailing office demand. While specific development details have not been disclosed, the deal illustrates how office properties in established submarkets are being repositioned to accommodate residential uses.
The sale also highlights the role of brokerage and advisory firms in navigating these transitions. NAI Capital Commercial advised the buyer, helping The Olson Company secure a campus-scale site suitable for redevelopment, while JLL represented the seller in marketing and executing the disposition of a long-held corporate asset. With the transaction now completed, the focus will shift to planning and executing the property’s conversion from office use to a residential community.
