Blackstone provides $110M loan on Culver City office buy

Los Angeles /
Oct.October 12, 2020 10:00 AM
Northwood Investors’ John Krukal, Blackstone’s Jonathan Grey, and 900 Corporate Pointe

Blackstone Group has provided a $110 million, high-leverage loan on a recently purchased office campus in Culver City.

The borrower, Northwood Investors, bought the complex at 900 Corporate Pointe from NortonLifeLock in August for $120 million. Cushman & Wakefield’s Rob Rubano, who advised on the deal, called it a transitional loan for a “partial sale-leaseback,” according to the Los Angeles Business Journal, which reported on the loan deal.

As part of the August acquisition, NortonLifeLock will lease 30 percent of the 288,000-square-foot building for the next seven years, the Journal reported.

Symantec Corporation built the complex in 2007 for its Southern California headquarters. The company changed its name to NortonLifeLock last year, after Broadcom bought part of Symantec’s software business.

Last month, Blackstone closed the largest real estate credit fund ever raised — worth $8 billion — for new loans and purchasing debt securities. The firm has nearly tripled the value of its debt assets under management over the last five years, from $10 billion to $26 billion.

The investment giant made a big play in L.A. in August when it acquired a 49 percent stake in Hudson Pacific Properties’ $1.65 billion Hollywood portfolio.

Later that month, Blackstone also bought a data center in Pico Rivera for $62 million.

The L.A. office market has been scuffling amid the pandemic. A third quarter report from Savills showed the total amount of new office leasing was down 61 percent year-over-year and 18 percent below Q2 numbers. Around 20 percent of L.A. total office space is now available, the highest percentage in eight years. [LABJ]Dennis Lynch


Related Articles

arrow_forward_ios
Electronic Arts CEO Andrew Wilson and 4820 Alla Road (Getty, Del Rey Campus)

Video game maker EA downsizes LA office footprint

Video game maker EA downsizes LA office footprint
A rendering of the project (Credit: SKANSKA via Commercial Observer)

Skanska building its first ground-up LA development

Skanska building its first ground-up LA development
Joel Schreiber and a rendering of proposed redevelopment

Waterbridge Capital JV asking $425M for Broadway Trade Center

Waterbridge Capital JV asking $425M for Broadway Trade Center
CBRE CEO Bob Sulentic; the firm has shifted its global HQ from LA to Dallas. (CBRE, Getty)

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market

“Sad day” in LA: CBRE’s corporate exit latest blow to dented office market
Rob Speyer and 555 Aviation (Getty, Tishman Speyer)

Tishman Speyer refis big El Segundo creative office

Tishman Speyer refis big El Segundo creative office
L.A.’s office market continued to weaken through the third quarter

LA office market vacancy rises to 15% in Q3

LA office market vacancy rises to 15% in Q3
19191 South Vermont Avenue (Credit: CBRE)

Blackstone sells Torrance office complex for $56M

Blackstone sells Torrance office complex for $56M
Bob Iger, Reed Hastings and (clockwise from top left) Sunset Las Palmas, Sunset Bronson and Sunset Gower Studios (Getty, Google Maps)

Here’s what Netflix, Disney and CBS pay at their Hollywood digs

Here’s what Netflix, Disney and CBS pay at their Hollywood digs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...