SANTA MONICA, CA-Creative office real estate services firm Industry Partners has acquired from Hammer Plumbing a 5,000-square-foot industrial building and adjacent vacant lot on Euclid Street in Santa Monica's Media District for $3.85 million.  

Industry Partners is undertaking a multimillion-dollar renovation of the existing building for its own use. Industry Partners has a particular expertise in identifying and re-imagining obsolete industrial and commercial office properties for use by companies in technology, media, entertainment and advertising. Industry Partners' development affiliate Industry LTD will oversee the transformation of the building into a creative office environment that will be shared by the entrepreneurial real estate services firm and commercial television production house Superstudio.

Industry Partners has relocated to the building at 1645 Euclid from the Lantana Entertainment and Media Campus in Santa Monica and will occupy the space during renovation.

Principal Jim Jacobsen said the firm plans to re-entitle the Euclid Street property and build a 40,000-square-foot multi-tenant creative office building on the site.

 The move was prompted by the potential the firm recognized in the underutilized, but well situated Euclid property, and in part by a response to the tremendous demand for space coming specifically from post-production companies at the 460,000-square-foot Lantana creative office campus at Olympic Boulevard and Centinela.  According to Industry Partners, which is the leasing agent for the property, Lantana Entertainment and Media Campus is 100% occupied.