Culver City Office Campus Sold for $72.5 Million
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Sunny Hills Capital Management Co. acquired the office campus located at 400 & 600 Corporate Pointe in Culver City for $72.5 million, or $160 per foot. Newmark represented the seller of the 461,960-square-foot Class A office.
“This is another example of a family office syndicate, which included both domestic and foreign investors, taking advantage of a tremendous basis opportunity,” said Kevin Shannon, Newmark co-head of U.S. Capital Markets, who brokered the sale. “Culver City is a desirable West Los Angeles submarket, which will provide tremendous long-term upside for these patient basis investors.”
Along with Shannon, Newmark’s Ken White, Rob Hannan, Michael Moll and Laura Stumm represented the undisclosed seller.
The Culver City offices recently underwent an extensive capital renovation totaling $18.7 million, or approximately $40 per square foot. The property is leased to 35 tenants across a broad industry base, including insurance, entertainment, real estate, co-working, healthcare, cosmetics and research.
Information for this article was sourced from Newmark.
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