trending Market Intelligence /marketintelligence/en/news-insights/trending/pi_b2peoejsqifgb5d_o_a2 content esgSubNav
In This List

Seritage Growth forms JV for office conversion in Santa Monica, Calif.

Blog

Japan M&A By the Numbers: Q4 2023

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


Seritage Growth forms JV for office conversion in Santa Monica, Calif.

Seritage Growth Properties formed a joint venture with Invesco Real Estate for the redevelopment of the former Sears building in downtown Santa Monica, Calif.

Seritage sold a 50% stake in The Mark 302 project for roughly $50 million in proceeds. The deal values the project at approximately $145 million, including costs remaining to complete the development.

The partnership intends to invest in or pursue construction financing for the mixed-use project that will convert the 96,500-square-foot building into office space with a mix of smaller retail space.

The proceeds were used to repay existing mortgage debt associated with the property.