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10/16/15
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In a large institutional acquisition on Los Angeles’ Westside, New York Life Real Estate Investors has purchased 400 and 600 Corporate Pointe, a two-building, 443.7k sf office campus in Culver City. The property, which includes two on-site parking garages with 1,584 parking spaces, was sold by Pearlmark Real Estate Partners for $131.25 mil, or $296/sf.
400 Corporate Pointe, constructed in 1987, is an eight-story tower containing 169.3k sf of space with an average floor plate of approximately 20.6k sf. 600 Corporate Pointe, constructed in 1989 and renovated in 2007, is a 12-story tower offering 274.4k sf of space with an average floor plate of approximately 23k sf.
The properties are situated on 6.17 acres, which includes an extensively-landscaped campus setting with outdoor seating areas, courtyards, and water features. 400 and 600 Corporate Pointe have a diverse rent roll with notable national, regional and local tenancy including ADP, Sony, Schwarzkopf Professional, ITG Software, Premier Business Centers, Colonial Life, and Antioch University.
Located in the coveted Lower Westside market, which is home to highly-concentrated growth in the technology, media, entertainment, advertising, gaming and creative office sectors, 400 and 600 Corporate Pointe are extremely well positioned to benefit from the area’s significant and ongoing momentum.
Bob Safai, Matt Case, and Brad Schlaak of Madison Partners represented the seller in the transaction. The new ownership has retained Brad Feld, Chris Keller and Bob Pearson of Madison Partners to continue leasing at the properties. The Madison leasing team has recently signed seven leases for a total of over 40k sf at the project. The achieved rents in these leases represented over a 20% increase to average rents from the 2nd quarter of 2015.
This transaction marks the eighth sale this year that Madison Partners has brokered in the greater Silicon Beach / Lower Westside trade area. These sales have a total transaction volume of over $461 mil in this market in 2015.
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