Olive Hill pays $65.5M for Culver City campus

Olive Hill Group, a Los Angeles-based private investment and development firm, has shelled out $65.6 million for two Culver City office towers.

The Class A properties, located at 200-300 Corporate Pointe on the east side of the 405 Freeway near Jefferson Boulevard, total 206,538 square feet.

“Our investment strategy is to capitalize on the growth of the tech-centric area of Silicon Beach by transforming this institutional quality office campus into a creative office space, providing a value oriented alternative to offices in Playa Vista,” said Michael Cho, President of Olive Hill Group. “This will allow us to attract emerging technology start-up companies and ancillary service providers by catering to their demand for creative office space near Playa Vista and the rest of Silicon Beach.”

The campus was first built in 1988 and renovated in 2004. Olive Hills plans to complete strategic renovations and lease up the buildings to bring rents to market rate. The buildings are currently 88.6 percent occupied.

“Ultimately, our vision is to create a creative campus environment with similar tenant experiences to the technology company focused buildings in Playa Vista,” said Tim Lee, the firm’s vice president of corporate development and legal affairs.

Madison Partners represented the buyer in the transaction. The seller, Broadreach Capital Partners, paid $51.25 million for the buildings in 2007.