Newmark has completed the $148 million sale of 800 Corporate Pointe, a four-story 245,786-square-foot Class A office building in the lower Westside market of Culver City, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, and Managing Directors Michael Moll and Laura Stumm represented the seller, Vornado Realty Trust. The buyer, Northwood Investors, was self-represented. Newmark’s Executive Managing Director David Milestone and Managing Director Brett Green arranged the financing on behalf of the buyer.
Developed in 2007, 800 Corporate Pointe is LEED Gold certified and includes an adjacent six-level parking structure. The property was 98 percent occupied at the close of escrow and features six strong tenants spanning the financial services, media, technology and engineering industries. It is situated at the junction of the 405 Freeway and Highway 90 and offers an array of nearby amenities including Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City.
“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. “The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.”
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.