In Santa Monica, landlords are repurposing 200,000 square feet of office space into K-12 schools to accommodate students displaced by the Pacific Palisades fire. Notable tenants include Calvary Christian School and St. Matthew's Parish School in JPMorgan's Water Garden. With an office vacancy rate climbing to 31%, this shift offers relief to landlords struggling post-pandemic. Developers like BXP have creatively adapted their spaces for schools amidst empty offices, while local companies like Hulu and Roku have offered to support the new educational community.
"It wasn't on my bingo card this year to be doing school leases, but here I am and you roll with the times," said BXP's Alex Cameron.
"It could best be described as a collective triumph," said John Evans, head of Village School, about squeezing in new school tenants.
"They're [Hulu and Roku] asking, 'What can we do for your graduation? Would the kids like to have a career day over here?"
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