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| 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.”
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| 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
