Culver City, California, October 13, 2015: Madison Partners has arranged the sale of 400 and 600 Corporate Pointe, an institutional-quality office campus located in Culver City, California. Situated in the prime Lower Westside market area, 400 and 600 Corporate Pointe consists of two separate, class A office towers totaling 443,705 rentable square feet, along with two on-site parking garages offering a total of 1,584 parking spaces. Bob Safai, Matt Case, and Brad Schlaak brokered the transaction on behalf of the seller, Pearlmark Real Estate Partners, which sold the properties for $131,250,000, or approximately $296 per square foot, to New York Life Real Estate Investors.

400 Corporate Pointe, constructed in 1987, is an 8-story tower offering 169,320 rentable square feet with an average floor plate of approximately 20,600 rentable square feet. 600 Corporate Pointe, constructed in 1989 and renovated in 2007, is a 12-story tower offering 274,385 rentable square feet with an average floor plate of approximately 23,000 rentable square feet. The properties are situated on 6.17 acres, which includes an extensively-landscaped campus setting with outdoor seating areas, courtyards, and water features. 400 and 600 Corporate Pointe have a diverse rent roll with notable national, regional and local tenancy including ADP, Sony, Schwarzkopf Professional, ITG Software, Premier Office Centers, Colonial Life, and Antioch University.

Located in the coveted Lower Westside market, which is home to highly-concentrated growth in the technology, media, entertainment, advertising, gaming and creative office sectors, 400 and 600 Corporate Pointe are extremely well positioned to benefit from the area’s significant and ongoing momentum. This transaction marks the eighth sale this year that Madison Partners has successfully brokered in the greater Silicon Beach / Lower Westside trade area, representing a total sales transaction volume of over $461 million in this market in 2015.

Additionally, the new ownership has retained Brad Feld, Chris Keller and Bob Pearson of Madison Partners to continue leasing at the properties. The Madison leasing team has recently signed seven (7) leases for a total of over 40,000 rentable square feet at the project.  The achieved rents in these leases represented over a 20% increase to average rents from the 2^nd quarter of 2015.