Olympus Buys Offices

Olympus Real Estate Corp, a Dallas-based real estate investor, has purchased the 402,000-square-foot Brookhollow Office Park in Santa Ana from a John Hancock affiliate for $21 million.

The 24-building business park, built in the mid-1970s on Brookhollow Drive near the Costa Mesa Freeway, was a foreclosure property and is now only 65% occupied, said David B. Deniger, Olympus president and chief executive. “We are going to get the property in a position to be attractive to new tenants,” he said. Its major tenants are furniture companies and Comcast Cable.

Olympus entered the Southern California market over a year ago, purchasing the Ritz Carlton in Palm Springs, the Inn at Laguna in Laguna Beach and an Embassy Suites in Santa Ana adjacent to this property.

The Brookhollow deal is its first office building purchase, but won’t be its last, according to Deniger. “The Southern California office market is on the rebound and there are some opportunities that will result from that. We are in negotiations almost every day on something,” he said.