The Location
340 Main Street. Venice.
This is Google's block. The binoculars on the front are the ones people photograph.
Gehry designed it in 1991. Google moved in in 2011.
The Setup
W.P. Carey bought it in 1994 for $18.3 million.
A spinoff sold it on January 8, 2026 for $39.6 million.
Google was in the building when it sold.
Luzzatto bought it. $24 million loan.
What an Operator Sees
I like this story because of Google.
They're in 68,781 feet through October 2030.
That's about five years of Google rent from the close.
The last time this sold, in 1994, it was $18.3 million.
Same building today is $39.6 million.
After inflation, that's a worse number so hopefully they collected a lot of rent during this time and had a 8-10% Cash on Cash return.
A famous building. A famous tenant.
I don't have what they pay per year in front of me.
I don't know what happens in 2030. There is no info.
I still want the Google term more than I want the binoculars.
I'm researching the market to make better investment strategies. I'm sharing what I find along the way with other investors to have discussions, debates and help make better decisions.
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Property and transaction data: CoStar Research.