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Santa Monica, Calif., office asset to sell for $117M

Olive Hill Group LLC is buying an office building in Santa Monica, Calif., for $117 million, or around $1,035 per foot, from Tishman Speyer, The Real Deal reported.

Tishman Speyer acquired the 113,000-square-foot, six-story 520 Broadway asset from Vornado Realty Trust in 2015 for $91.6 million, the Dec. 19 report added.

The building is 82% leased to tenants including WeWork, Flywheel Sports and Boston Private Bank. It presents "a rare acquisition opportunity" in the city, where there are strict limits on development, the report noted, citing Michael Cho, president of Olive Hill Group.

The sale is poised to close later in the week.