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5/04/16
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Olive Hill Group LLC has acquired two Class A office towers encompassing 206.5k sf in Culver City for $65.6 mil, or $318/sf. The property, located at 200-300 Corporate Pointe, east of the 405 Fwy near Jefferson Blvd, includes 718 parking spaces. It was sold by Broadreach Capital Partners.
The two office buildings, 88.6 percent occupied at acquisition, are part of a master-planned development called Corporate Pointe, which encompasses a total of eight buildings. It is situated in close proximity to Playa Vista, a burgeoning technology market home to national tech giants such as Google, Microsoft and Facebook.
200 Corporate Pointe, constructed in 1984 and renovated in 2004, is a four‐story tower offering 91.9k sf with an average floor plate of approximately 20k sf. 300 Corporate Pointe, constructed in 1984 and renovated in 2004, is a five‐story tower offering 114.7k sf with an average floor plate of approximately 23k sf. The properties are situated on 4.08 acres, which includes an extensively‐landscaped campus setting with a central courtyard, outdoor seating areas, and elaborate water features.
Both buildings have a diverse rent roll with notable national, regional and local tenancy including Paychex, Landmark Education, DataScience, Fonality, TransUnion, and Shiseido Cosmetics. The campus presents an enormous opportunity for value creation through strategic renovations and aggressive lease-up to bring rents to market value, according to Tim Lee, Vice President of Corporate Development and Legal Affairs, who oversees Olive Hill Group’s acquisitions.
“We plan to renovate and reposition the property by activating the central courtyard and modernizing the building with upgrades to the interior and exterior,” explains Lee. “Ultimately, our vision is to create a creative campus environment with similar tenant experiences to the technology company focused buildings in Playa Vista.”
Headquartered in Downtown Los Angeles, Olive Hill Group is a privately owned investor, operator, and developer of commercial real estate properties with a diverse portfolio of office, retail, hospitality, and multifamily properties. Since 1996, the firm and its affiliates have invested in more than $2.4 bil in commercial assets encompassing over 15 msf.
Bob Safai of Madison Partners represented Broadreach Capital Partners in this transaction.
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