Olive Hill Group Announces $1.5 Million Redevelopment of Creative Office campus in Dynamic Silicon Beach, CA Market

Tim Lee

LOS ANGELES, CA  – Olive Hill Group, a Los Angeles-based private investor, operator and developer of commercial real estate, has announced a $1.5 million redevelopment of its 205,135 square-foot creative office campus in the emerging Culver City submarket of Silicon Beach.

The firm is rebranding the property to the Courtyard at Culver Pointe, according to Michael Cho, President of Olive Hill Group.

Located in one of the fastest growing and most dynamic creative markets in California, the Class A office property features a 30,000 square-foot central courtyard which Olive Hill Group plans to redevelop into a campus-like setting with outdoor amenity areas.

“The Silicon Beach office market is experiencing explosive growth,” explains Cho. “Fueled by the creative synergies of tech giants such as Google and Facebook, Silicon Beach continues to attract major players in the digital media, entertainment, and technology industries seeking creative workspaces to support their growth and expansion.

“Our strategy is to capitalize on this momentum by converting this property into a creative office campus, thereby delivering a true live/work/play experience that today’s tenants are demanding.”

Silicon Beach, CA

Olive Hill Group plans to activate and modernize the courtyard by incorporating the latest amenities that will attract creative users. 

The proposed redevelopment plan will include a food truck loading zone, upgraded seating areas throughout the courtyard, hammocks within a lounge setting, bike-friendly pathways, and a bocce ball court, among others.

“The property’s campus orientation presents a unique value-add opportunity to expand the on-site amenities by optimizing the outdoor courtyard space,” continues Cho. “By integrating amenities such as shaded dining areas, we are cultivating an environment that will foster socialization and relaxation, enabling us to attract and retain quality tenants. In doing so, we will be able to drive tenant retention and long-term value for this asset.”

“As the office sector continues to evolve, tenants are increasingly demanding flexible, creative workspaces that encourage collaboration and innovation,” notes Tim Lee, Vice President of Corporate Development and Legal Affairs at Olive Hill Group. “In order to attract and retain today’s millennial workforce, employers are seeking work/play environments with outdoor gathering spaces and the latest lifestyle amenities, and are willing to pay a premium for creative spaces that support this lifestyle.”

Lee notes that the Courtyard at Culver Pointe will offer tenants a true value-oriented alternative to office space in neighboring Venice or Santa Monica, while still providing the same quality amenities and features that will attract talent.

Tenants at the creative office campus, which is currently 95 percent occupied by a diverse range of businesses, include global companies such as Ipsos Insight, Omnia Media, as well as DataScience Inc., Paychex and Shiseido Cosmetics, among others.

The property is located at 200-300 Corporate Pointe in Culver City, California. AKA Architecture, based in downtown Los Angeles, has been commissioned as the architect for this redevelopment project. The estimated completion date of the project is September 2017.

  

For a complete copy of the company’s news release, please contact:

Katie Kea

Account Executive

Brower, Miller & Cole

895 Dove Street, Third Floor

Newport Beach, CA 92660

p: (949) 955-7940

KKea@browermillercole.com