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SANTA MONICA, CA-Maguire Properties has agreed to acquire the 331,926-sf Lantana Entertainment Media Campus from Hines US Office Development Fund for $136.8 million in a deal that the Los Angeles-based office REIT expects to close in December. A Hines affiliate will remain as a development adviser to the buyer for an unspecified period of time.The purchase will mark the latest in a series of large deals for Maguire, which has expanded its holdings in Orange County and Los Angeles with the closing of the Lantana transaction. The Lantana sale was brokered by Carl Muhlstein of the Downtown Los Angeles office of Cushman & Wakefield and Mike DeSantis in the Cushman & Wakefield West Los Angeles office on behalf of Hines, with Maguire representing itself.The Lantana Entertainment Media Campus, at Olympic and Exposition boulevards between Stewart Street and Centinela Avenue, is a 12-acre office campus comprising three low-rise office and studio production office buildings totaling 331,926 sf. The project is 93% leased to tenants that include Revolution Studios, IMAX and Todd-AO Studios. The project is entitled for an additional 195,000 sf of development.Rob Maguire, chairman and co-CEO of Maguire Properties, says the REIT liked the property for both its existing and its potential development in Santa Monica, where “the nearly impossible barriers to entry” in the market make entitlements even more valuable. Santa Monica is also a preferred location for entertainment and media companies because it is close to studio lots and the Westside housing that many in the media and entertainment businesses prefer.The acquisition will add to a list of Maguire purchases this year that has included its $151-million deal for the 415,597-sf Washington Mutual Bank office campus in Irvine in a sale-leaseback, the $260-million purchase of the 1.7-million-sf Park Place office campus and the $215-million acquisition of the 105-acre Park Place mixed-use development of office and retail space, which is near the Park Place office campus.

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