Vornado Sells LA Office Asset for $148M
- Oct 13, 2017
Northwood Investors purchased 800 Corporate Pointe, a Class A office building in the lower Westside market of Culver City, Calif. Vornado Realty Trust sold the asset for $148 million. In March, Northwood also purchased the Ballantyne Corporate Park in Charlotte, N.C.
NKF’s Capital Markets West Coast President Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan and Managing Directors Michael Moll and Laura Stumm represented the seller. The buyer represented itself and NKF’s Executive Managing Director David Milestone and Managing Director Brett Green arranged the financing on behalf of Northwood.
The four-story, 245,786-square-foot building is LEED Gold certified and includes a six-level parking structure. Built in 2007, the property was 98 percent occupied at the time of sale and houses six tenants across the financial services, media, technology and engineering industries. Situated at the junction of the 405 Freeway and Highway 90, the property is within close proximity to the Westfield Culver City Mall, Runway at Playa Vista and downtown.
“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 in prepared remarks. “The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.”
Image courtesy of NKF