Seritage Growth Properties Announces Construction Underway to Transform the Former Sears Site in Santa Monica into The Mark 302TM
Courtesy of Seritage Group
original article: https://www.marketwatch.com/press-release/seritage-growth-properties-announces-construction-underway-to-transform-the-former-sears-site-in-santa-monica-into-the-mark-302tm-2018-09-18
Flagship office space expected to be delivered Fall of 2019
Seritage Growth Properties SRG, +0.82% a national owner and developer of retail and mixed-use projects, along with its joint venture partner Invesco Real Estate, a global real estate investment manager, today announced that construction has commenced to transform the former Sears building located in the heart of Santa Monica into The Mark 302, an iconic creative office and retail destination situated blocks from the beach in one of the most desirable locations in the country.
The Mark 302, totaling approximately 100,000 square feet, represents a rare workplace opportunity with high exposure in the center of downtown Santa Monica. The property will cater to various size users and is conveniently accessed from the 10 Freeway and located directly adjacent to the terminus of the LA Metro Expo Line that runs from Downtown Los Angeles.
Along with its prominent visibility, The Mark 302 will provide a unique multi-level workspace with abundant natural light, an extraordinary private rooftop deck and indoor/outdoor space for working, collaborating and relaxing. Formerly the Sears building, this landmark property is a familiar and iconic architectural fixture in the downtown cityscape with expansive city and ocean views from the upper levels.
The Mark 302 is located in the core of Santa Monica’s silicon beach which has become the second-largest tech hub on the West Coast, behind only Silicon Valley. The area is home to a variety of promising startups as well as industry giants Google, Amazon, Microsoft, Facebook, Apple, Snapchat, YouTube, Uber and Hulu.
“Construction has begun to convert an iconic building at the gateway to Santa Monica into a breathtaking office and retail destination,” said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties. “This innovative project will provide office tenants with an abundance of indoor and outdoor space, spectacular views of the Pacific Ocean, and a vibrant mix of street level restaurants and retail at the intersection of 4 [th] Street and Colorado Avenue.”
In March 2018, Seritage and Invesco Real Estate announced a joint venture partnership to own The Mark 302.
For office leasing opportunities at The Mark 302, please contact Rick Buckley (310-407-3412) or George Gleason (310-407-3406) of LA Realty Partners, the leasing broker for the project. For retail leasing opportunities, please contact Mary Rottler (212-355-7800) of Seritage Growth Properties.
About Seritage Growth Properties
Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 222 wholly-owned properties and 26 joint venture properties totaling approximately 39 million square feet of space across 49 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Pursuant to a master lease, the Company has the right to recapture certain space from Sears Holdings for retenanting or redevelopment purposes. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities and create long-term value for our shareholders.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $65.3 billion in real estate assets under management, 489 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
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SOURCE: Seritage Growth Properties