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Olive Hill, Artemis Complete $120M Recapitalization in Santa Monica
Los Angeles-based Olive Hill Group and Chevy Chase, MD-based Artemis Real Estate Partners formed a joint venture and reportedly completed a recapitalization valued at nearly $120-million of the 520 Broadway creative office building in downtown Santa Monica. Olive Hill will retain partial ownership of the 112,756-square-foot asset and remain the property’s operator.
Olive Hill Group’s Tim Lee says, “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 L.A.’s thriving Silicon Beach submarket.”
Olive Hill acquired the 82%-occupied building in December 2017. It signed a long-term lease for roughly 20,500 square feet with Goodwin Procter in November 2018, which brought the building occupancy to 100%.
Manatt, Phelps & Phillips, LLP’s Steven Edwards, Grace Winters, Jeff Mannisto and Nairi Siddiqi represented Olive Hill. DLA Piper, LLP’s Amy Carbins, Naftali Weg, Lucien White and Lauren Rico advised Artemis.
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