Hines Development Buys Lantana Center

Highlighting the especially hot market for “creative” office space in Santa Monica, the Lantana Center at 3000 Olympic Blvd. has been sold to Houston-based Hines Development Co. for $62 million. The 100%-leased property--whose tenants include post-production firm Todd-AO and the L.A. Farm restaurant--will continue to be managed by seller Lantana Productions for at least three years, Lantana co-owner Alex Winitsky said. Winitsky and partner Arlene Sellers bought the 1960-vintage, 208,672-square-foot low-rise industrial property for $4 million about 10 years ago and totally renovated it, Winitsky said. The partners had previously developed and owned 1888 Century Park East in Century City and the Avco Center in Westwood.