Sunny Hills Acquires LA Office Campus
The property previously traded for more than $130 million.
Sunny Hills Management Co. has acquired 400 & 600 Corporate Pointe, a 461,960-square-foot office campus in Culver City, Calif., a Los Angeles submarket. New York Life Real Estate Investors sold the asset, according to Yardi research data.
Newmark brokered the deal and arranged the financing. At the time of sale, the property was leased to 35 tenants from industries such as cosmetics, research and health care.
The two-building complex previously traded in September 2015, when New York Life Real Estate Investors purchased the asset for $131.3 million from Pearlmark, the same source shows.
The property is 12 miles from downtown Los Angeles and less than 5 miles from LAX International Airport. Completed in 1986 and 1989, the two buildings recently underwent an $18.7 million renovation.
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The eight-story, 172,895-square-foot building at 400 Corporate Pointe is LEED Gold-certified and has more than 660 parking spaces. Floorplates range between 20,820 and 25,000 square feet. Tenants include Premier Workspaces, Sago and Sacks Law Group, according to Yardi research data.
The second mid-rise facility has 12 stories and spans 289,065 square feet. The property has five passenger elevators and more than 1,400 parking spots. Omnia Media, Worldwide Expression and HUB International are among the building’s tenants, the same source shows.
Newmark Co-Head Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm, along with Executive Managing Director Bill Bloodgood and Director Alex Bergeson, brokered the deal on behalf of the seller. Co-President Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday arranged the financing.
Los Angeles sales remain steady, prices lower
Los Angeles’ office investment volume year-to-date as of May clocked in at almost $1.1 billion, according to the latest Yardi Matrix office report. However, the average sale price per square foot was $281, down more than 30 percent from the same period in 2022.
In April, Kingsbarn Realty Capital acquired 1601 Vine, a 115,589-square-foot office building in Hollywood, for $105 million. The property is Skims’ headquarters.
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