Video Advertising Agency Leases 10,500 Square Feet in Downtown Santa Monica - CBRE
06 1 2020
Los Angeles – CBRE announced video advertising firm Bliss Point Media leased 10,500 square feet of space at a mixed-use property with ground-floor retail in downtown Santa Monica.
CBRE’s Mark Landver represented the tenant. An outside broker represented the landlord, Transwestern.
The four-story property, located at 1351 4th Street, is a classic Downtown Santa Monica mixed-use building with brick facade, featuring Sweetgreen and boutique retailers on the first floor. The building also boasts a large roof top patio, overlooking the Pacific Ocean and the surrounding city. Located in a high Walk Score neighborhood on 4th Street, adjacent to ample parking and a variety of retailers, this property is 100 percent leased.
“Downtown Santa Monica is the most competitive and challenging market to transact in due to the continued expansion of strong tenants, providing limited available inventory options for new entrants,” said Landver. “There were multiple offers on the space as this is an extremely tight market.”
Bliss Point Media signed a 5-year lease for the entire second floor. The company is moving from their location at 233 Wilshire due to needing space to expand. In addition, the privacy of being able to lease an entire floor attracted Bliss Point to the new location. The creative space features glass offices throughout, concrete flooring, exposed ceilings, and private balconies overlooking 4th Street.
Tech and creative tenants have had an enormously positive impact across the Greater Los Angeles office market, according to CBRE third-quarter research. Due to strong demand from this group, Santa Monica has been one of the region’s six submarkets boasting asking rents exceeding $5 per square foot. The Greater Los Angeles market’s positive net absorption in Q3 marked gains in 30 of the past 35 quarters for an aggregate of 15.6 million square feet. Greater LA rents’ long-term upswing is 45 percent above the low point eight years ago. As the current economic cycle reaches unprecedented length, content creators in particular are likely to strengthen the market moving forward.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.