Drawbridge Realty has recently acquired 2220 Colorado Ave., a prominent headquarters building located in the heart of Santa Monica’s Silicon Beach neighborhood. The purchase price for this impressive property was reported to be $185 million. The building, which spans over 225,773 square feet, is fully triple-net leased to Universal Music Group (UMG) as their operational headquarters.
According to Jaden Rosselli, VP of investments & asset management at Drawbridge Realty, “This is an exceptional property with a long-standing tenant and a unique design that sets it apart as one of the most desirable assets in Santa Monica.” He also added that this acquisition adds significant value to their national portfolio.
The seller of the property was Clarion Partners and they were represented by Newmark’s team consisting of Kevin Shannon, Alex Foshay, Ken White , Rob Hannan , Laura Stumm , and Michael Moll . UMG has recently signed a long-term lease extension at this location.
Also known as Arboretum Gateway , 2220 Colorado Ave. features two state-of-the-art recording studios operated by UMG along with multiple conference facilities. Other amenities include secure parking with direct elevator access for employees’ convenience; an onsite food commissary and coffee bar; collaboration areas perfect for fostering creativity; and outdoor decks where employees can relax or hold meetings while enjoying beautiful views.
Overall,this transaction marks another successful deal within Santa Monica’s thriving commercial real estate market.This article originally appeared on Connect CRE.
