Seritage Growth Properties Announces Construction Underway to Transform the Former Sears Site in Santa Monica into The Mark 3...
September 18 2018 - 1:36PM
Business Wire
Flagship office space expected to be delivered
Fall of 2019
Seritage Growth Properties (NYSE: SRG), 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 4th
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.
Forward-Looking
Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as “may,” “will,” “should,”
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“estimates,” “predicts,” or “potential” or the negative of these
words and phrases or similar words or phrases that are predictions
of or indicate future events or trends and that do not relate
solely to historical matters. Forward-looking statements involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the company’s control,
which may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the company’s good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, the company disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. For a further
discussion of these and other factors that could cause the
company’s future results to differ materially from any
forward-looking statements, see the section entitled “Risk Factors”
in the company’s Annual Report on Form 10-K for the year
ended December 31, 2017 filed with the Securities and
Exchange Commission, or SEC, on February 28, 2018 and
other risks described in documents subsequently filed by the
company from time to time with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005957/en/
MEDIA:Sugerman Communications
GroupMolly Hogin(310)
974-6693molly@sugermangroup.comorICR
Inc.Jason Chudoba(646) 277-1249SeritagePR@icrinc.com
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