Colliers Brokers Sale of 100,700-SF Ocean Park Plaza to Undisclosed Co-Educational School in Santa Monica

Colliers has brokered the all-cash sale of Ocean Park Plaza, a two-story, 100,700-square-foot office and medical building at 2701 Ocean Park Boulevard in Santa Monica, to an undisclosed co-educational school that plans to relocate to the property and establish a new campus there, the firm announced July 17, 2026.

Tim Dornin and Scott Rigsby of Industry Partners and Dan Pickart of Newmark represented the buyer. On the sell side, Vice Chair Sean Fulp, Executive Vice Presidents Mark Schuessler and Todd Tydlaska, and Associate Vice Presidents Jordan Garcia and Blake Hammerstein of Colliers exclusively marketed the property and facilitated the transaction on behalf of the seller.

A Largely Vacant Office Asset Returns to Active Use

At the time of sale, approximately 73% of Ocean Park Plaza's space was available for immediate occupancy, according to Colliers. The acquisition removes the building from the area's office inventory and returns it to full utility as an educational campus.

The property has benefited from approximately $8 million in capital improvements since 2017, including an upgraded outdoor atrium and courtyard, refreshed façade finishes, renovated restrooms, and modernized building systems. Colliers described the asset as offering flexible zoning, ample parking, and a campus-like environment that made it well-suited for an owner-user.

"This is a great outcome for Santa Monica," said Sean Fulp. "A well-located, recently renovated building that was sitting largely empty now has a committed long-term user that will serve the community. The buyer gets a campus in the heart of the Westside, and the neighborhood gains an institution that adds real activity and stability."

The transaction price was not disclosed. The deal was structured as an all-cash acquisition.

Submarket Dynamics: Office Supply Tightens in Ocean Park

Colliers framed the transaction as part of a broader shift reshaping the Ocean Park submarket of Santa Monica. The sale removes a high-quality but largely vacant office building from available inventory, which the firm said benefits surrounding office owners as supply tightens.

Ocean Park Plaza sits directly across from the Santa Monica Business Park, a 500,000-plus-square-foot creative office campus where Snap Inc. recently signed a 10-year lease for 470,000 square feet. That lease anchors institutional demand along Ocean Park Boulevard.

Across the corridor, the office building at 2716 Ocean Park Boulevard is the subject of a proposed 456-unit mixed-use residential redevelopment. Together with the Ocean Park Plaza acquisition, these projects are steadily removing office product from the submarket, concentrating remaining tenant demand into a shrinking pool of available space.

"The fundamentals in this pocket of Santa Monica continue to strengthen," Fulp said. "As office buildings are taken off the market and repurposed, the remaining inventory becomes more valuable, and tenants displaced by those conversions need quality space nearby. That's a healthy cycle for the submarket."

Santa Monica Airport Closure Adds to Area Transformation

The broader Ocean Park area is undergoing significant change beyond individual property transactions. The Santa Monica Airport is planned to close in 2028 and is expected to be redeveloped largely as public open space, a transformation that is expected to further shift the character of the surrounding neighborhood.

Colliers noted that these converging forces — office-to-education conversions, residential redevelopment proposals, and the airport reimagining — are collectively reshaping the submarket's long-term land use profile.

"Ocean Park Plaza is exactly the kind of asset that draws committed users in this market: turnkey quality, strong frontage, and a location at the epicenter of Silicon Beach," said Blake Hammerstein. "Bringing an educational institution into the building reflects the kind of adaptive, community-oriented outcomes that are reshaping the Westside."

The identity of the co-educational school buyer was not disclosed.

Sources

Colliers: Colliers Facilitates Sale of ±100k SF Ocean Park Plaza in Santa Monica (July 17, 2026)