Olive Hill pays $65.5M for Culver City campus

Los Angeles /
May.May 03, 2016 03:30 PM

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.


Related Articles

arrow_forward_ios
8771 Washington Blvd. (Google Maps, iStock)
Apple snags Culver City offices, warehouses in $162M deal
Apple snags Culver City offices, warehouses in $162M deal
Ken Kahan and  Ari Kahan of California Landmark Group and the site (Credit: Glenn Koenig/Los Angeles Times via Getty Images, and Google Maps)
California Landmark moves on 112-unit development outside Culver City
California Landmark moves on 112-unit development outside Culver City
From left: NortonLifeLock’s Vincent Pilette, Northwood Investors’ John Krukal, and the property (Credit: Google Maps)
Northwood Investors pays $120M for Culver City office complex
Northwood Investors pays $120M for Culver City office complex
Jefferson Creative Campus sells for $169M in Culver City (Credit: Newmark Knight Frank)
Lincoln, Clarion snap up Culver City office campus for $169M
Lincoln, Clarion snap up Culver City office campus for $169M
A multifamily building could replace this auto body shop (Credit: Google Maps)
Bastion plans 139-unit project on doorstep of booming Culver City
Bastion plans 139-unit project on doorstep of booming Culver City
10301-10335 West Jefferson Boulevard and Jim Jacobsen Chairman, CEO at Redcar LTD (Credit: 42 Doors and LinkedIn)
Redcar pays $74M for Culver City office complex, eyes expansion
Redcar pays $74M for Culver City office complex, eyes expansion
David Pressberg and 6000-6024 Buckingham Parkway (Credit: Google Maps)
R.W. Selby buys $33M Culver City rental in deal brokered by seller’s kin
R.W. Selby buys $33M Culver City rental in deal brokered by seller’s kin
3301 South Canfield Avenue (Credit: Google Maps and iStock)
Oakmont Capital is building a mini multifamily empire in Palms
Oakmont Capital is building a mini multifamily empire in Palms
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...