The Binoculars Building, an architectural landmark in Venice Beach, is officially on the market as W.P. Carey, the current owner, seeks a new buyer. Drawing attention with its unique 44-foot-tall binocular sculpture at its entrance, the Frank Gehry-designed property spans 78,578 square feet and has been home to Google (GOOGL) since 2011.

Details of the Sale

The property, located at 340 Main Street and known as Google Venice 1, is being marketed by commercial real estate firm CBRE, although its asking price has not yet been disclosed. Google’s lease on the building remains secure, extending until 2030, according to insights from The Real Deal.

According to Todd Tydlaska from CBRE, “This listing is a good example of what capital wants in the market right now: great locations, high-profile assets with credit tenants at attractive price bases.” Tydlaska reported strong initial interest in the property, indicating a competitive bidding environment may arise.

Background on the Binoculars Building

W.P. Carey acquired the Binoculars Building for $18.3 million in 1995. Originally constructed for the advertising agency TBWA/Chiat/Day in 1991, the property has gained notoriety due in part to its striking art installation, titled “Giant Binoculars,” created by renowned artists Claes Oldenburg and Coosje van Bruggen.

In a strategic move, W.P. Carey announced in late 2023 that it would separate its office assets, including the Binoculars Building, into a new REIT named Net Lease Office Properties, creating opportunities for inventory reassessment or sale, as reported by The Real Deal.

Google’s Presence in Silicon Beach

In addition to the Binoculars Building, Google occupies multiple sites in the Silicon Beach area of Los Angeles, which is home to numerous tech companies akin to the Silicon Valley in Northern California. Key properties include the “Spruce Goose,” a converted 450,000-square-foot hangar that became operational for Google in 2018, and a corporate office space in The Bluffs, leased in 2022.

Recent developments in Google’s real estate strategy have included significant transitions in its office space arrangements. A joint venture recently acquired The Bluffs for $187.5 million, and UCLA made headlines with its $700 million acquisition of the Westside Pavilion, which was originally earmarked for a major Google office redevelopment.

A 14-year pre-lease agreement for the Westside Pavilion was abandoned by Google’s parent company, Alphabet, as part of a broader strategy to reduce leasing costs across the country following the shifts in workplace dynamics influenced by the COVID-19 pandemic.