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Northwood Investors pays $120M for Culver City office complex
Seller NortonLifeLock will hold a 7-year lease on part of 288K sf property
Northwood Investors paid $120 million for a Culver City office complex, representing a major investment in the area in an uncertain market.
NortonLifeLock sold the 288,000-square-foot office building, according to Connect Media, which first reported the story. NortonLifeLock will hold a seven-year lease on two stories of the five-story building. The property is located at 900 Corporate Pointe, inside the Corporate Pointe campus.
Symantec Corporation — as it was known before the November name change to NortonLifeLock — developed the property in 2007, as its Southern California headquarters. The name was changed after Broadcom Inc. acquired part of Symantec’s software business for $10.7 billion.
Other tenants at the Corporate Pointe complex include payroll company ADP, Red Light Media and Antioch University.
Cushman & Wakefield brokered the transaction.
Northwood owns three other properties in the Los Angeles area: West L.A.’s Trident Center office campus, the London West Hollywood hotel, and about 19 acres of undeveloped land in Playa Vista.
As of last year the firm had a stake in two Playa Vista office campuses. Northwood refinanced the London West Hollywood with a $165 million loan last year. [CM] — Dennis Lynch