Press Release

Seritage Growth Properties Announces Construction Underway to Transform the Former Sears Site in Santa Monica into The Mark 302TM

Company Release - 9/18/2018 1:36 PM ET

Flagship office space expected to be delivered Fall of 2019

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Seritage Growth Properties (NYSE: SRG), a national owner and developer of retail and mixed-use projects, along with its joint venture partner Invesco Real Estate, a global real estate investment manager, today announced that construction has commenced to transform the former Sears building located in the heart of Santa Monica into The Mark 302, an iconic creative office and retail destination situated blocks from the beach in one of the most desirable locations in the country.

The Mark 302, totaling approximately 100,000 square feet, represents a rare workplace opportunity with high exposure in the center of downtown Santa Monica. The property will cater to various size users and is conveniently accessed from the 10 Freeway and located directly adjacent to the terminus of the LA Metro Expo Line that runs from Downtown Los Angeles.

Along with its prominent visibility, The Mark 302 will provide a unique multi-level workspace with abundant natural light, an extraordinary private rooftop deck and indoor/outdoor space for working, collaborating and relaxing. Formerly the Sears building, this landmark property is a familiar and iconic architectural fixture in the downtown cityscape with expansive city and ocean views from the upper levels.

The Mark 302 is located in the core of Santa Monica’s silicon beach which has become the second-largest tech hub on the West Coast, behind only Silicon Valley. The area is home to a variety of promising startups as well as industry giants Google, Amazon, Microsoft, Facebook, Apple, Snapchat, YouTube, Uber and Hulu.

“Construction has begun to convert an iconic building at the gateway to Santa Monica into a breathtaking office and retail destination,” said Benjamin Schall, President and Chief Executive Officer of Seritage Growth Properties. “This innovative project will provide office tenants with an abundance of indoor and outdoor space, spectacular views of the Pacific Ocean, and a vibrant mix of street level restaurants and retail at the intersection of 4th Street and Colorado Avenue.”

In March 2018, Seritage and Invesco Real Estate announced a joint venture partnership to own The Mark 302.

For office leasing opportunities at The Mark 302, please contact Rick Buckley (310-407-3412) or George Gleason (310-407-3406) of LA Realty Partners, the leasing broker for the project. For retail leasing opportunities, please contact Mary Rottler (212-355-7800) of Seritage Growth Properties.

About Seritage Growth Properties

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 222 wholly-owned properties and 26 joint venture properties totaling approximately 39 million square feet of space across 49 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. Pursuant to a master lease, the Company has the right to recapture certain space from Sears Holdings for retenanting or redevelopment purposes. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities and create long-term value for our shareholders.

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment management business with $65.3 billion in real estate assets under management, 489 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/18). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission, or SEC, on February 28, 2018 and other risks described in documents subsequently filed by the company from time to time with the SEC.

MEDIA:
Sugerman Communications Group
Molly Hogin
(310) 974-6693
molly@sugermangroup.com
or
ICR Inc.
Jason Chudoba
(646) 277-1249
SeritagePR@icrinc.com

Source: Seritage Growth Properties

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