{"id":1004330336,"date":"2019-06-12T03:57:12","date_gmt":"2019-06-12T11:57:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004330336"},"modified":"2019-06-12T04:15:40","modified_gmt":"2019-06-12T12:15:40","slug":"prime-silicon-beach-office-building-recapitalized","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prime-silicon-beach-office-building-recapitalized\/","title":{"rendered":"Prime Silicon Beach Office Building Recapitalized"},"content":{"rendered":"
\"520<\/a>

520 Broadway. Image courtesy of Olive Hill Group<\/em><\/p><\/div>\n

Olive Hill Group has formed a joint venture with Artemis Real Estate Partners to recapitalize 520 Broadway, a 112,756-square-foot office building in Santa Monica, Calif. Olive Hill acquired the property in 2017<\/a> for $117 million and will remain its operator. Sources quoted by the Real Deal<\/em> said the recapitalization is worth $119 million.<\/p>\n

\u201cThis is a quality creative office property in a high-barrier, core location just blocks from the beach,\u201d<\/em> Michael Cho, Olive Hill\u2019s principal, told Commercial Property Executive<\/em>. \u201cWe purchased it in December 2017 with a mid- to long-term hold strategy for a core-plus asset and it made sense to bring in a partner who shared the same vision. The timing was also right since there is one under-market lease at 520 Broadway soon to open that would provide an upside to us and to Artemis.\u201d<\/em><\/p>\n

Located at its namesake address, 520 Broadway is within walking distance of the Santa Monica light rail station, Third Street Promenade and Santa Monica Place. It is also close to nearly 350 luxury multifamily units. Originally built in 1981, the building underwent $13.2 million in renovations in 2013. Amenities include a four-story subterranean parking structure, 24-hour manned security and a newly renovated exterior plaza.<\/p>\n

“520 Broadway is a building that caters to creative and technology tenants<\/a> in Santa Monica\u2019s robust Silicon Beach market\u2014a market in which there is a wealth of new activity and in which we are experts,\u201d <\/em>Cho said. \u201cThe property has attracted many national credit tenants, including WeWork\u2014which is occupying three floors of space\u2014Solar Reserve, Flywheel and Goodwin Procter.\u201d<\/em><\/p>\n

A full tenant roster<\/h2>\n

Last November, international law firm Goodwin Procter signed a 20,500-square-foot lease on the top floor of the building, bringing the property to full occupancy. When Olive Hill took ownership of the asset a year earlier, it was only 88 percent occupied. According to Yardi Matrix data, WeWork, Boston Private, SolarReserve and Flywheel Sports are also among the tenants of the building.  <\/p>\n

\u201cSanta Monica is an easily walkable city that offers a significant amount of newly developed housing and promotes the live\/work\/play balanced lifestyle that today\u2019s workforce seeks. <\/em>Silicon Beach is a thriving tech and media center for young professionals in Los Angeles,\u201d <\/em>Cho added.<\/p>\n

Manatt Phelps & Phillips\u2019 Steven Edwards, Grace Winters, Jeff Mannisto and Nairi Siddiqi represented Olive Hill in the deal. Amy Carbins, Naftali Weg, Lucien White and Lauren Rico from DLA Piper worked on behalf of Artemis Real Estate Partners.<\/p>\n","protected":false},"excerpt":{"rendered":"

Olive Hill Group has partnered with Artemis Real Estate Partners on a roughly 113,000-square-foot creative office asset in downtown Santa Monica, Calif.<\/p>\n","protected":false},"author":451,"featured_media":1004330339,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1594,21742,21747,15],"tags":[34570,33026,36759,38362,33887,36991],"class_list":["post-1004330336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-artemis-real-estate-partners","tag-dla-piper","tag-goodwin-procter","tag-michael-cho","tag-olive-hill-group","tag-silicon-beach-submarket"],"acf":[],"yoast_head":"\nPrime Silicon Beach Office Building Recapitalized - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prime-silicon-beach-office-building-recapitalized\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prime Silicon Beach Office Building Recapitalized\" \/>\n<meta property=\"og:description\" content=\"Olive Hill Group has partnered with Artemis Real Estate Partners on a roughly 113,000-square-foot creative office asset in downtown Santa Monica, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prime-silicon-beach-office-building-recapitalized\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-12T11:57:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-12T12:15:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/520-Broadway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1467\" \/>\n\t<meta property=\"og:image:height\" content=\"1101\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prime-silicon-beach-office-building-recapitalized\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prime-silicon-beach-office-building-recapitalized\/\",\"name\":\"Prime Silicon Beach Office Building Recapitalized - 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