Two Corporate Pointe Office Buildings Acquired by Olive Hill Group
- May 05, 2016
Los Angeles—Two office towers in Culver City were recently acquired by Olive Hill Group, a local private investor. The buyer paid $65.6 million for the assets in a deal that was brokered by Madison Partners. As local authorities are reportedly looking to encourage creative office redevelopment in the coming years, the Los Angeles-based investor is set to reposition the property in that direction.
Located at 200-300 Corporate Pointe in Culver City’s Corporate Pointe master-planned development project, the two buildings offer 206,538 square feet of space. The campus was originally built 28 years ago and was last renovated in 2004. Currently operating at 88.6 percent occupancy, the campus is part of a master-planned project that consists of eight buildings.
Proximity to the Playa Vista and Silicon Beach submarkets provides a strong position for the property. The new owner is upfront regarding its ambition to attract tech companies as the property will cater to creative office tenants, pivoting from its current status of an institutional quality office property. “We plan to renovate and reposition the property by activating the central courtyard and modernizing the building with upgrades to the interior and exterior,” Vice President of Corporate Development and Legal Affairs Tim Lee noted.
Image courtesy of Madison Partners.