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10/12/17
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Northwood Investors has purchased 800 Corporate Pointe, a four-story, 245.8k sf Class A office building in Culver City, for $148 mil, or $602/sf. Developed in 2007, 800 Corporate Pointe was sold by Vornado Realty Trust
The property is LEED Gold certified and includes an adjacent six-level parking structure. It was 98% occupied at the close of escrow and features six strong tenants spanning the financial services, media, technology and engineering industries. 800 Corporate Pointe is situated at the junction of the 405 Fwy and Hwy 90, and offers an array of nearby amenities including Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City.
Kevin Shannon, Ken White, Rob Hannan, Michael Moll and Laura Stumm with Newmark Knight Frank (NKF) represented Vornado Realty Trust. Northwood Investors was self-represented. NKF’s David Milestone and Brett Green arranged the financing on behalf of the buyer.
“800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park. Culver City is drafting off the momentum from Playa Vista and is attracting similar profile tenants seeking cool environments,” said Shannon. “The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.”
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