Who Are the City's Biggest Landlords?
By Jorge Casuso
Buried in the staff report for the RAND $53 million purchase is a list of the city's ten biggest landlords, representing a total value of more than $1 billion.
Actually, to be technical about it, it is a list of the "Ten Largest Property Tax Payees" in the Earthquake Recovery Redevelopment Project Area. But since the project area encompasses most of the city, it's fair to say these are the biggest property owners in town.
1. Topping the list is Colorado Place Partners LLC, which owns MGM Plaza
- five-multi-story office buildings spread across two parcels valued at
$257,688,010. Major tenants include MGM/United Artists Studios and related
media and hi-technology companies -- Gensler, Random House, Symantec,
IBM, Hewlett Packard and Apple.
2. Douglas Emmett Realty Fund, which owns the city's two largest residential
buildings, owns five major office buildings on five parcels valued at
$163,932,416. They include the 21-story oceanfront tower at 100 Wilshire
Blvd. And the First Federal Bank Building.
3. Water Gardens Co., which owns the complex consisting of two seven
story office buildings, whose major tenants include Candle Corporation,
Aurora Life Insurance, RAND Corporation and Lucent Technologies. The property
is valued at $153,201,174.
4. SCHI Santa Monica Beach Hotel, known as the Loews Hotel, owns four
parcels valued at $116,255,011.
5. Sisters of Charity Levenworth Health, owners of Saint John's Hospital
and associated professional buildings, owns a sprawling 38 acres valued
6. LLC & Teletec Associates, which owns a 102,157 square foot office
building at the corner of Arizona Street and Ocean Avenues overlooking
Palisades Park. The two-parcel property is valued at $54,548,622.
7. Santa Monica HSP LTD Partnership, owners of the Doubletree Suites
Hotel, which occupies one parcel and is valued at $47,868,461.
8. Kilroy Realty LP, which owns California Federal Bank and the Sony
building on three parcels valued at $48,858883.
9. Irvine Apartment Communities, LP, which owns Champagne Towers, a 119-unit
apartment building at 1221 Ocean Avenue opposite Palisades Park. The one-parcel
property is valued at $44,917,622.
10. ET Whitehall Santa Monica Partnership, which owns Shutters on the Beach, a luxury hotel on two parcels valued at $38,591,245.
Coming up: Who are Santa Monica's largest employers? Stay tuned. The answer may surprise you.