Olive Hill Group Acquires Santa Monica Space for $117M

Downtown Santa Monica Office Building Sells for $117 Million
– Los Angeles Business Journal

As covered by the Los Angeles Business Journal, Manatt’s Steve Edwards and Grace Winters, partners in the firm’s real estate practice, represented Olive Hill Group in its $117 million purchase of 520 Broadway, a Class A office building spanning 112,987 square feet in downtown Santa Monica, CA.

Constructed in 1981, the building underwent $13.2 million in renovations in 2013. Since then, it was named Building Owners and Managers Association of Greater L.A.’s “Outstanding Building of the Year” in 2014 and 2017. The building was 82 percent occupied at the time of the deal, and three tenant offers had already been made to Olive Hill prior to the acquisition’s completion.

Located at its namesake address, part of 520 Broadway’s appeal is its proximity to the new Santa Monica light rail station, the Third Street Promenade, Santa Monica Place and nearly 350 new luxury multifamily units. The area is also home to tech giants including Google, Facebook, Snapchat, SpaceX, Amazon and Microsoft.

In addition to the Los Angeles Business Journal, Manatt’s representation was covered by Commercial Property Executive, Canyon News, Bisnow and REBusiness Online.

Read the article here