Invesco JV sells L.A.-area office for $368m
Office Block Investment, on behalf of Oracle America, a subsidiary of Oracle, has purchased a Santa Monica, Calif., office building from Invesco Real Estate and Worthe Real Estate Group. The sales price is estimated to be $368 million.
The sellers bought the 316,000-square-foot property at 2600 and 2700 Colorado Ave. in 2015 for $284 million.
Oracle intends to occupy the space at 2600 Colorado currently leased by Viacom after Viacom relocates to Hollywood next year. Another tenant, Lion's Gate Entertainment Corp., is expected to stay at 2700 Colorado through the end of a long-term lease.
The acquisition follows the purchase by Brightstone Capital Partners and Artisan Realty Advisors of the Lantana Media Campus, a 478,713-square-foot office property in Santa Monica, Calif., from Jamestown Properties. The sales