A 18,000 square-foot office building has been purchased for $7.9 million, according to Lee & Associates-Los Angeles West, a brokerage firm.
A limited liability company purchased the building, which is located at 1740 Stanford St. in the old industrial district of Santa Monica.
The limited liability company is in talks with John Pawson, an architect from the U.K., to renovate the building.
“The office space situation, and commercial real estate in general, in Santa Monica is extremely tight, specifically for well-located older brick and bow-truss type industrial buildings,” said David Wilson of Lee & Associates. “So the search for what the buyer was looking for was difficult. This sale generated eight solid offers, so it was very competitive. There are many well-capitalized buyers looking for owner-user buildings similar to this one.”
The office building was constructed in 1957 and currently houses Riot Creative Imaging, a leading document-services provider in the architecture, engineering, and construction marketplace.
1740 Stanford, LLC plans on finishing the renovations by 2015 to make the office the head quarters of MJZ, a film production company, which is located blocks away.