Los Angeles report

Los Angeles report

800 Corporate Pointe in Culver City
800 Corporate Pointe in Culver City

Vornado Realty Trust exiting L.A.

It looks like New York-based Vornado Realty Trust [TRDataCustom] is done with La La Land.

The real estate investment trust is seeking a buyer for its last L.A. property, a 243,000-square-foot Class A office building at 800 Corporate Pointe in Culver City. The asking price is roughly $150 million.

Kevin Shannon and his team at Newmark Grubb Knight Frank are marketing the property, which is 98 percent leased by tenants, including Ares Management and Thomson Reuters. Vornado acquired the property and its adjacent parking structure for $95.7 million in 2012.

If Vornado gets its asking price, the deal would pencil out to about $617 a square foot, far exceeding the $317 a square foot Olive Hill Group paid in May when it acquired 200-300 Corporate Pointe for $65.5 million.

Culver City, however, is a lot cheaper than its Westside counterparts. Sources told TRD that the offering for 800 Corporate Pointe compares the relative basis in the area to Playa Vista, which has seen trades for higher than $700 a square foot. Last year, Vornado sold another of its buildings, in comparably pricey Santa Monica, for $805 a square foot.

The property is the last left in Vornado’s L.A. portfolio, which the REIT has been downsizing over the past four years. In addition to the Santa Monica deal, it sold the Beverly Connection shopping center for $260 million in 2014 and L.A. Mart for $55 million in 2012. That same year, it also sold off the project known as the Reef for $53 million.

Gwen Stefani and ex-husband Gavin Rossdale list Beverly Hills estate


Gwen Stefani and Gavin Rossdale

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It was once their “Sweet Escape,” but Gwen Stefani and her ex-husband Gavin Rossdale’s Beverly Hills home is now up for grabs.

Six months after divorcing, the couple has listed the property for $35 million, Variety reported.

The 11,845-square-foot gated estate has seven en suite bedrooms, including a master bedroom with two “bedazzled” bathrooms and a pair of dressing rooms. It also includes a marble foyer, a screening room, a professional gym and executive offices.

Outside, there’s a loggia with a living and dining area, an infinity pool, a grilling station and a lighted tennis court.

The Kelly Wearstler-designed compound has an impressive list of former inhabitants, including Jennifer Lopez and hospitality entrepreneur Sam Nazarian, who sold the home to Stefani and Rossdale for $13.25 million in 2006.

Tishman Speyer to buy Hyperloop One HQ

Tishman Speyer is in contract to buy Hyperloop One’s four-building headquarters at 2145-2161 Sacramento Street and 2136-2159 Bay Street, sources told The Real Deal. It will pay the sellers, Lion Real Estate Group and Mark Borman, roughly $25 million for the 37,785-square-foot campus.

Though Tishman’s plans for the site are not yet known, zoning would allow the firm to build a denser campus, potentially replacing one of the industrial buildings with a taller structure. The buildings sit on a 74,000-square-foot lot that Hyperloop uses as its tinkering area, working to develop a lightning-speed transportation network — the vision of Elon Musk. The company has several years left on its lease.

Lion and Borman acquired the two parcels that comprise the site in different transactions, in 2014 and 2015, totaling $7.8 million, according to CoStar.

Tishman owns a portfolio of properties throughout Los Angeles, including complexes in Miracle Mile and Hollywood. This is its first venture in the Arts District.