Olive Hill buying Santa Monica office building for $117M: sources
Tishman Speyer paid $92M for 520 Broadway in 2015
The Downtown L.A.-based Olive Hill Group is in contract to buy a Santa Monica office building from Tishman Speyer for $117 million, The Real Deal has learned.
The sale of the 113,000-square-foot, six-story property, located near the Santa Monica Freeway and Third Street Promenade, is expected to close later this week for about $1,035 a foot, sources familiar with the deal said. Tishman Speyer bought it for $91.6 million in 2015 from Vornado Realty Trust, which had bought it out of foreclosure.
Michael Cho, president of Olive Hill Group, said the building is a rare acquisition opportunity in Santa Monica, which has strict limits on development.
The building is 82 percent occupied, property records show, with a tenant roster that includes WeWork, Flywheel Sports, and Boston Private Bank.
The deal was brokered by Eastdil Secured. Representatives for Tishman Speyer declined to comment.
Olive Hill’s other office assets include a Culver City campus at 200-300 Corporate Pointe, which the company bought for $65.5 million in 2016, and 631 South Olive Street, which it acquired in 2009.