Northrop to Sell Century City Offices to Reduce Its Debt

Northrop Corp., whose value on the New York Stock Exchange has tumbled below that of the real estate it owns, plans to sell its tony headquarters complex in Century City, company officials said.

“In order to reduce our debt, we’re actively looking at the sale of our non-operating assets,” spokesman Tony Cantafio said in an interview published today.

Northrop is not the first aerospace company to try to cash in on real estate recently as prospects for defense work have dimmed. Last month, F-14 maker Grumman Corp. said it would redevelop nearly half its 500-acre headquarters on Long Island, N.Y., with a hotel, shopping center and offices.

Northrop sent information packages to 10 prospective buyers on its two Century Park East buildings about a month ago, asking $247.5 million for them, Mike DeSantis, a vice president of the Cushman & Wakefield real estate brokerage, was quoted by Copley Los Angeles Newspapers as saying.

However, DeSantis said today that he had never estimated a price for the buildings.