Newmark has announced the $16 million sale of 1545 26th Street, a 16,069-square-foot, three-story freestanding office compound in the heart of the Santa Monica media district.
Newmark Senior Managing Directors Steven Salas and Daniel Chiprut, Associate AJ Dorn and Brokerage Services Specialist Britney Kagawa represented the seller Prototype Industries in the $16 million sale to the buyer Ryobi Holdings.
Built in 1982, 1545 26th Street underwent a comprehensive renovation in 2014 by Prototype Industries. The renovation included a complete and creative refresh within the building and new buildings systems, solar panels and fiber optics.
Located mid-block on 26th Street, the property has an abundance of rare collaborative patio areas wrapping both the second and third floors. 1545 26th Street is directly adjacent to The Colorado Center, 2600 & 2700 Colorado, The Pen Factory and the Santa Monica Water Garden. The property is within two blocks from the 26th Street/Bergamont station for the new Expo Line, which connects the property from downtown Santa Monica to downtown Los Angeles.
“In a market with extremely limited investment product this was a great generational purchase. Santa Monica has evolved into one of the most prestigious office markets in the country,” said Dorn.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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