A new office complex is being planned in Santa Monica, where international developer Hines just purchased a shuttered industrial plant on Olympic Boulevard, the Los Angeles Times reports.

The Houston-based builder paid more than $75 million for the property, according to a real estate expert who asked not to be identified because terms of the deal were confidential. The seller was a family trust that had held the land since the 1950s.

Hines hopes to build two- to four-story office buildings totaling about 300,000 square feet on the 7-acre site. It is at the northeast corner of Olympic and 26th Street, said Colin Shepherd, a Hines senior vice president.

Hines plans to remove the three industrial buildings on the site, once home to a Paper Mate pen manufacturing plant that is no longer in use.

He declined to state how much the development would cost but said it would probably be intended for tenants in the entertainment industry. The area is zoned for light manufacturing and entertainment studio uses.

Shepherd also could not say when construction might begin. The site is contaminated by industrial pollutants that must be removed before the land can be redeveloped. Paper Mate’s former owner, Gillette Co., is working on a cleanup proposal, he said.

Read the full L.A. Times story

.(Reg. Req.)