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Water Garden II Sale May Spout Soon

LOS ANGELES-Brokers tell GlobeSt.com that group advised by J.P. Morgan Chase is offering more than $240 million for the landmark Santa Monica office complex. Owner confirms interest from several parties, but wants to keep options open.

By David W. Myers and Erin Cassin | Updated on March 02, 2001

LOS ANGELES-Local brokers say the same J.P. Morgan Chase-advised investment group, which already owns the 660,000-sf Water Garden development in Santa Monica, is negotiating to buy the adjacent 600,000-sf Water Garden II complex for more than $240 million.

Water Garden II, on Colorado Avenue and Cloverfield Boulevard, is owned by a group that includes LA-based developer J.H. Snyder Co. and an investment fund managed by Colony Capital. The building’s most serious suitor is said to be the same J.P. Morgan Chase-advised investment group that purchased the original Water Garden from J.H. Snyder several years ago.

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