Culver City: The Next Big Office Market

The two-tower property is 206,000 square feet.

LOS ANGELES—Olive Hill Group has acquired a class-A office building in Culver City for $65.6 million from an unnamed seller. The property has a campus feel and can attract creative tenants and support tenants from the Santa Monica and Playa Vista markets, where space is limited and rents are high. Located at 200-300 Corporate Pointe in Culver City, the two-tower property is 206,538 square feet.

“We saw an opportunity here because of the location and because of the opportunity to improve the campus itself,” Tim Lee, VP of corporate development and legal affairs at Olive Hill Group, tells GlobeSt.com. “The campus is really close to Playa Vista and we are seeing a lot of companies moving to the Playa Vista market because rents in Santa Monica are astronomically high, and they are looking toward Playa Vista as the next growth area. Along with that is going to come a lot of need for support space and we are already starting to see that in these two buildings. We are also seeing some tech companies moving into the space, and one of their requests is class-A creative office space that they are used to in Santa Monica and Venice. This building is 20% built out in that creative space, so we see an opportunity to redevelop the rest of the building and being able to adjust the rents.”