The unique Binoculars Building located in Venice Beach, Los Angeles, is officially on the market for potential buyers. The listing of this striking property, designed by renowned architect Frank Gehry, comes from the real estate investment trust W.P. Carey.

Property Details

The iconic structure features a pair of giant 44-foot-tall binoculars at its entrance, which contribute to its distinctive character. The building, encompassing 78,578 square feet, has been home to tech giant Google since 2011.

Although the exact asking price for the property at 340 Main Street, also known as Google Venice 1, has not been disclosed, interest in the listing is reportedly high. According to industry experts, the building’s prime location and existing tenancy by a credit tenant like Google make it attractive in today’s market.

Market Insights

CBRE, the brokerage managing the sale, has received strong initial interest from investors, suggesting a competitive bidding process ahead. Todd Tydlaska from CBRE commented, “This listing is a good example of what capital wants in the market right now, great locations, high-profile assets with credit tenants at attractive price bases.”

Ownership History

W.P. Carey acquired the Binoculars Building in 1995 for $18.3 million after its completion for the advertising agency TBWA/Chiat/Day. In late 2023, the REIT announced plans to spin off its office properties, indicating that the Binoculars Building might be subject to reappraisal or sale.

Current Tenancies and Future Prospects

Despite the sale listing, Google appears committed to its lease, which does not expire until 2030. W.P. Carey’s decision to market this property aligns with a broader trend among landlords managing office spaces optimized for technology companies. Google’s real estate presence also extends to other locations in “Silicon Beach,” which hosts numerous tech firms.

In addition to the Binoculars Building, Google occupies the “Spruce Goose” property, a former Howard Hughes hangar converted in 2018, and a nearly 53,000-square-foot facility in The Bluffs corporate park, leased in 2022.

Recent Trends in Commercial Real Estate

W.P. Carey is not alone in the market movement regarding Google’s office space. A joint venture between Strategic Value Partners and Lincoln Property Group recently acquired The Bluffs for $187.5 million. Furthermore, a significant $700 million deal for the Westside Pavilion was struck by UCLA, previously intended for Google, but later scrapped amid corporate reevaluations following the pandemic.