Rodney Riddle of McCarthy Building Companies says it comes down to evaluating the best value to the owner based on having a complete understanding of the advantages and disadvantages of each structure type.

Non-profit Downtown Santa Monica Inc. proposed the changes to help stimulate economic activity.

The company has acquired the 1,128,000-square-foot property and an adjacent 14.42 acre land parcel.

"Our people have stepped up to help clients navigate COVID-19's challenges and also answered the call within their communities," Bob Sulentic, CBRE's president and chief executive officer, said in prepared remarks.