A two-story office and medical building in Santa Monica\u00a0has\u00a0sold to the private, co-educational\u00a0Wildwood School\u00a0for a reported $50.6 million.<\/p>\n
Earlier this month,\u00a0Jade\u00a0Enterprises\u00a0handed off the 100,700-square-foot Ocean Park Plaza, which sat 73% vacant at the time of the sale. Following renovations, Wildwood\u2019s middle and upper school will move to the site from its leased Sawtelle campus. Matt Levinson,\u00a0Wildwood\u2019s head of school, said he sees\u00a0\u201cpotential to grow\u201d\u00a0in the space. Standout features that drew the school to the property include a large courtyard, flexible collaborative spaces, ample underground parking fit for student pick-up and drop-off, and proximity to the 17-acre Clover Park.\u202f\u00a0<\/p>\n
\u201cThe board, when they saw this property, they really saw the future of the school,\u201d Levinson said. \u201cIt really meets a lot of our needs long-term and strategically.\u201d\u00a0<\/p>\n
The lease on the Olympic Boulevard building currently housing roughly 700 Wildwood students in sixth through 12th grade will come up in 2040. But school leaders hope to move to the new, permanent campus \u201cmuch sooner than then,\u201d Levinson said. <\/p>\n
Ocean Park Plaza sits in a corridor near the Santa Monica Airport undergoing significant transformation away from its historically office-heavy footprint, said\u00a0Colliers\u00a0Vice Chair\u00a0Sean Fulp, who represented the seller in the deal.\u202f <\/p>\n
\u201cThe area is reshaping itself to be more live work play, so a school fits really well,\u201d\u00a0he said.\u202f\u00a0<\/p>\n
New multifamily housing and ground-floor retail developments have sprouted in the corridor, along with\u00a0Seven Arrows Elementary School, which relocated to a Santa Monica office building after one of its original schoolhouses burned down in the Palisades Fire.\u202f\u00a0<\/p>\n
For an office market slumped by the rise of hybrid and remote work, user-owners have been a\u00a0\u201crelief valve,\u201d\u00a0Fulp said. <\/p>\n
Over a fifth of\u00a0West L.A.\u00a0office space sat vacant in this year\u2019s first quarter,\u00a0Cushman & Wakefield\u00a0reported\u00a0\u2013\u00a0still well above pre-pandemic averages. The area posted a 10% office vacancy rate in late 2019.\u202f\u00a0<\/p>\n
\u201cUsers have been taking advantage of depressed pricing and other factors,\u201d\u00a0Fulp said.<\/p>\n","protected":false},"excerpt":{"rendered":"A two-story office and medical building in Santa Monica\u00a0has\u00a0sold to the private, co-educational\u00a0Wildwood School\u00a0for a reported $50.6 million.…\n","protected":false},"author":2,"featured_media":120660,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[48,52,51,47,50,49],"class_list":["post-422913","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-la","tag-la-headlines","tag-la-news","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/422913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=422913"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/422913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/120660"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=422913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=422913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=422913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}