Redcar Properties Pays $17.9MM for 24,000 SQFT Creative Office Building in Santa Monica

CBRE, Santa Monica, Meridian Building, Redcar Properties, DPI Retail

Los Angeles, CA  – CBRE announced the sale of the Meridian Building, a creative office building in Santa Monica, Calif., to Los Angeles-based real estate investment firm Redcar Properties for $17.9 million.

CBRE’s Jeff Pion, Michelle Esquivel-Hall and Drew Pion represented the seller, Los Angeles-based real estate investment firm DPI Retail. The buyer was represented by Industry Partners.

Located at 1448 15 th Street, the 24,062 square-foot, three-story building was originally constructed in 1981. The property features 78 parking spaces. The site is one half-mile from the I-10 freeway and 1.5 miles from Santa Monica State Beach.

“This moment is bittersweet for the entire DPI team,” said Fred Vitt, President of DPI Retail. “The Meridian Building has been our headquarters that we have owned and operated out of for over two decades. It will forever be a part of our history, and I truly feel that nothing is a better testament to our success than being able to outgrow our home.”

He added, “We look forward to carrying the momentum to our new corporate office in El Segundo, where we will have a better opportunity to grow our team and expand our portfolio.”

About CBRE Group, Inc.

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.