The former Sears store is available to lease.The conversion of a former Sears building into creative offices in downtown Santa Monica is now complete after a two-year, $50 million remodel.
The project, dubbed The Mark 302, features retail space, indoor and outdoor workspaces, multiple terraces and a roof deck with ocean views.
The Colorado Avenue property is owned by Seritage Growth Properties and Invesco Real Estate.
“The converted Mark 302 features an abundance of outdoor working space, views of the Pacific Ocean, and an unmatched location next to the Metro station and the 10 Freeway,” Benjamin Schall, chief executive of Seritage Growth Properties, said in a statement.
In 2015, Seritage acquired 266 Sears and Kmart stores for redevelopment, including the Santa Monica Sears and the North Hollywood Sears, in a $2.7 billion deal.
The Santa Monica Sears shuttered in 2017. The following year, Seritage sold a 50% interest in the property to Invesco in a deal that valued the site at $145 million.
Prior to its conversion, the building was a three-level Sears department store. It now rises four stories. The complex includes a mural that stands 25 feet high and 75 feet long that will be visible from the nearby Metro station.
The property, which is not yet leased, has LEED and Fitwel certifications, which are given to buildings that are deemed “healthy” and put a premium on wellness.
“The project’s healthy building design prioritizes employee safety and wellness, including a dedicated lobby, touchless access and the latest in ventilation technology,” Schall said in a statement. “The flexible, large floor plates are well suited for a diverse array of tenants, including leading tech, production, gaming and medical companies.”
For reprint and licensing requests for this article,CLICK HERE.