Manatt’s Steve Edwards and Grace Winters, partners in the firm’s real estate group, represented the Olive Hill Group in the recapitalization of an office building at 520 Broadway in Santa Monica, California, a deal valued at over $120 million. The team also included Nairi Siddiqi, an associate in the real estate group, and Jeffrey Mannisto, leader of the tax and estates group.
The building caters to creative and technology tenants in Santa Monica’s rapidly growing Silicon Beach community. Tenants include WeWork, Boston Private, SolarReserve and Flywheel Sports. It is also is centrally located just blocks from the beach and within walking distance of the Santa Monica light rail station, Third Street Promenade and Santa Monica Place.
The recapitalization was achieved by means of the purchase of a 50% equity interest in the project by Artemis Real Estate, a fund sponsor based in Washington, D.C. The Manatt team negotiated the purchase and sale agreement and the joint venture agreement, as well as the assumption of the existing loan.
In 2017, Edwards and Winters represented Olive Hill in its $117 million purchase of the 520 Broadway office building. Olive Hill will remain the operator of the building.
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