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Chelsea Market Owner Purchases L.A. Complex Housing IMAX

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Aug. 1 (Bloomberg) -- The firm that owns New York’s One Times Square, where the ball drops each New Year’s Eve, bought a California office-and-studio complex that houses Dick Clark Productions and big-screen movie-theater operator IMAX Corp.

Jamestown, which also owns Chelsea Market in New York, bought the 484,840-square-foot (45,043-square-meter) Lantana campus in Santa Monica from Lionstone Group, Atlanta-based Jamestown said today in a statement. The purchase price was about $310 million, according to a person with knowledge of the transaction.

“The innovation economy is driving demand for work spaces that offer a vibrant mix of amenities, metropolitan ambience and collaborative, flexible environments,” Jamestown Chief Operating Officer Michael Phillips said in the statement.

Lantana is the company’s first purchase in Southern California. The property’s tenants include film-sound company Todd-AO and workout-video producer Beachbody LLC. The complex is 94 percent leased, with “exceptional in-place cash flow,” Jamestown said. The company also owns properties in San Luis Obispo, California, and the San Francisco Bay area.

To contact the reporter on this story: Elizabeth Dexheimer in New York at edexheimer@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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