Olive Hill Forms JV With Artemis Partners07/31/2019
To Recapitalize Prime Silicon Beach Property
Olive Hill Group and Artemis Real Estate Partners have formed a joint venture and recapitalized the 520 Broadway creative office building in downtown Santa Monica, Calif.
Under the terms of the joint venture, Olive Hill will retain partial ownership of 520 Broadway and remain the property’s operator.
“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.
The 112,756-square-foot office building was purchased in December 2017 by Olive Hill with an 82 percent 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. Goodwin Procter’s new office was designed by View Design Studio, a trendy Hollywood-based architect known for its creative space designs.
The Goodwin Procter lease brought the occupancy of the building to 100 percent within 12 months of Olive Hill’s acquisition. The new joint venture aims to continue operating 520 Broadway as a property that caters to creative and technology tenants in Santa Monica’s robust Silicon Beach market.
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