Los Angeles-based Seritage Growth Properties, 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, revealed 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 4th Street and Colorado Avenue.”
In March 2018, Seritage and Invesco Real Estate announced a joint venture partnership to own The Mark 302.