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Snapchat’s Venice Properties Hit the Market

The Real Deal Los Angeles — A mixed-use portfolio comprised of 10 buildings, or 22,200 square feet, is now on the market for $79.5 million. Snap leases two of the four oceanfront properties, Bisnow reported. Snap is in the process of moving out of Venice and into Santa Monica.

The messaging service now occupies its first location, Blu House at 523 Ocean Front Walk, Gingerbread Court at 517 Ocean Front Walk. The adjacent properties at 511 and 601 Ocean Front Walk, though not occupied by Snap, are also up for grabs. Combined, they traded for $14 million in 2017, property records show.

The parent company behind the popular messaging app, Snapchat, put up for sublease 163,000 square feet of office space across 14 sites in Venice earlier this year. It’s in the process of consolidating its operations in Santa Monica Business Park, where it has leased 300,000 square feet with the option of adding another 100,000 square feet as other companies vacate.

Read full article here.


By: Louie the Bulldog
Posted: 3 years, 18 days ago
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