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| 520 Broadway, Santa Monica, CA |
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| AJ Weidhaas |
Under the terms of
the joint venture, Olive Hill will retain partial ownership of 520 Broadway and
remain the property’s operator.
The 112,756 square foot office building was
purchased in December 2017 by Olive Hill with an 82% occupancy.
In November 2018,
Olive Hill signed a long-term lease for approximately 20,500 square feet with Goodwin Procter,
a top international law firm focused on the convergence of capital and
innovation.
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| Tim Lee |
“Opening an office in Santa Monica brings Goodwin’s unique offering at the
intersection of capital and innovation to the heart of Silicon Beach, where
more and more of our company and investor clients are doing business,” said AJ
Weidhaas, Goodwin partner and chair of the firm’s Santa Monica office.
“We look forward to moving into our new,
state-of-the-art space at 520 Broadway later this summer.”
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| Richard Banjo |
The new joint venture
aims to continue operating 520 Broadway as a Class-A building to cater to
creative and technology tenants in Santa Monica’s robust Silicon Beach market.
“We decided to work
with Artemis because we wanted to develop a long-term relationship with a
partner that shares our vision of providing Class-A creative office communities
in LA’s thriving Silicon Beach submarket,” said Tim Lee, Principal at
Olive Hill Group.
“We are pleased to be working with Olive Hill
Group, a like-minded partner that has successfully leased up the asset to 100%
occupancy,” said Rich Banjo, Managing Principal of Artemis Real Estate
Partners.
“The opportunity to
invest in a quality creative office building in a high barrier, core location,
just blocks from the beach, light rail and the Third Street Promenade, is a
good fit for our core plus strategy.”
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| Grace D. Winters |
520 Broadway offers convenient access to
transit, upscale shopping, and service amenities. More information about 520
Broadway is available at: https://www.520broadwaysm.com/
Steven Edwards, Grace Winters, Jeff Mannisto, and Nairi Siddiqi from Manatt, Phelps & Phillips, LLP represented Olive Hill Group.
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| Nairi Sidiqqi |
About Olive Hill Group
Olive Hill Group is a full-service
commercial real estate investment firm that specializes in operating and
repositioning creative office properties in Los Angeles through its focus on
the “workstyles” of tech, creative and media tenants.
Olive Hill was
founded in 2016 by Michael Cho and Tim Lee, and through their
leadership, the firm has developed an emphasis on work culture, diversity, and
the communities in which the firm invests in.
About Artemis Real Estate Partners
Artemis Real Estate Partners is an
investment manager based in metropolitan Washington DC, with offices in New
York City, Los Angeles and Atlanta.
Artemis manages
approximately $4.3 billion of capital on behalf of institutional investors
across core plus, value-add and opportunistic strategies.
The firm makes equity
and debt investments in real estate across the United States, with a focus on
multifamily, office, industrial, retail, hospitality, and senior housing.
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| Lauren A. Rico |
More information can
be found at www.artemisrep.com.
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| Lucien D. White |
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