June 10, 2019 – 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. Under the terms of the joint venture, Olive Hill will retain partial ownership of 520 Broadway and remain the property’s operator.
The 112,756 square foot office building was purchased in December 2017 by Olive Hill with an 82% 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 their creative space designs.
“Opening an office in Santa Monica brings Goodwin’s unique offering at the intersection of capital and innovation to the heart of Silicon Beach, where more and more of our company and investor clients are doing business,” said AJ Weidhaas, Goodwin partner and chair of the firm’s Santa Monica office. “We look forward to moving into our new, state-of-the-art space at 520 Broadway later this summer.”
The Goodwin Procter lease brought the occupancy of the building to 100% within 12 months of Olive Hill’s acquisition. The new joint venture aims to continue operating 520 Broadway as a Class-A building to cater to creative and technology tenants in Santa Monica’s robust Silicon Beach market.
“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.
“We are pleased to be working with Olive Hill Group, a like-minded partner that has successfully leased up the asset to 100% occupancy,” said Rich Banjo, Managing Principal of Artemis Real Estate Partners. “The opportunity to invest in a quality creative office building in a high barrier, core location, just blocks from the beach, light rail and the Third Street Promenade, is a good fit for our core plus strategy.”
520 Broadway offers convenient access to transit, upscale shopping, and service amenities. More information about 520 Broadway is available at: https://www.520broadwaysm.com/
Steven Edwards, Grace Winters, Jeff Mannisto, and Nairi Siddiqi from Manatt, Phelps & Phillips, LLP represented Olive Hill Group. Amy Carbins, Naftali Weg, Lucien White, and Lauren Rico from DLA Piper, LLP represented Artemis Real Estate Partners.