Northwood Investors has acquired 800 Corporate Pointe, a four-story 245,786-square-foot Class A office building in the lower Westside market of Culver City for $148 million, according to broker Newmark Knight Frank.
The price was $602 a square foot for the building, which the seller, Vornado Realty Trust of New York, acquired in 2012 for $95.7 million, or $112 a square foot, as part of a two-property portfolio.
New York-based Newmark Knight Frank represented Vornado Realty. The buyer, Denver-based Northwood Investors, was self-represented.
NKF’s West Coast Capital Markets president Kevin Shannon, executive managing director Ken White, senior managing director Rob Hannan, and managing directors Michael Moll and Laura Stumm represented the seller. NKF’s Executive Managing Director David Milestone and Managing Director Brett Green arranged financing on behalf of the buyer.
The 800 Corporate Pointe building, which opened in 2007, is LEED Gold certified and includes an adjacent six-level parking structure. The property was 98 percent occupied at the close of escrow and has six tenants spanning the financial services, media, technology and engineering industries, according to the announcement.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.
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