New York Life Real Estate Investors, a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company, announced this week that it had closed on the acquisition of a two-building office property in Culver City, California for $131.25 million, or $296 a square foot. The property was sold by Chicago's Pearlmark Real Estate Partners, who originally purchased the property for $275 per square foot in 2008 from Arden Realty Inc. Bob Safai of Madison Partners represented Pearlmark in the transaction, while New York Life represented itself.
"The 400 and 600 Corporate Pointe properties represent an excellent opportunity to invest in two high quality assets. We plan to upgrade and re-position the two buildings so that they will continue to attract top tier tenants from within the Los Angeles market," said Chris Hunt, senior director at New York Life Real Estate Investors.
"Once refreshed, these buildings will be well-positioned to take advantage of the tremendous demand from technology, media and content companies expanding in the Playa Vista area," added David Binswanger of Lincoln Property Company who will manage the properties for New York Life Investors.
Situated in the prime Lower Westside market area and constructed in 1987 and 1989, 400 and 600 Corporate Pointe consists of two separate, class A office towers totaling 443,705 rentable square feet, along with two on-site parking garages offering a total of 1,584 parking spaces. 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 Office Centers, Colonial Life, and Antioch University.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment