200 – 300 CORPORATE POINTE | CULVER CITY | CA

February 7, 2007: Madison Partners is pleased to announce the sale of two properties at 300 Corporate Pointe in Culver City, CA. The Corporate Pointe office complex is a Class A complex with 204,612 SF of prime rentable space.

The property consists of a four-story, 90,209 SF building at 200 Corporate Pointe and a five-story, 114,403 SF building at 300-301 Corporate Pointe, situated on 4.09 acres of land.

Madison Partners has arranged the sale of 200 & 300-301 Corporate Pointe in Culver City, California, a newly renovated, lavishly landscaped Class A office complex with 204,612 square feet of prime rentable office space. Madison Partners principals Lynwood Fields and Bob Safai represented both the buyer, Broadreach Capital Partners, and the seller, Scanlon Kemper Bard, in the transaction.
“This exceptional deal takes advantage of today’s low interest rates, availability of capital and the limited number of good investment opportunities in Los Angeles’ Westside,” said Fields. “In this climate, investors are willing to pay a premium price for prime assets such as Corporate Pointe with its excellent location and amenities,” he said. The property, which was 85% leased at closing, sold for $51,250,000, a 6 cap rate on existing income and well below replacement cost. The buyer will defease the existing conduit loan upon expiration of the lockout in June 2007.

Built in 1984 and renovated in 2004, Corporate Pointe consists of one 90,209-square-foot, four-story building and one 114,403-square-foot, five-story building, situated on 4.09 lush acres fronting Slauson Avenue and extending along Hannum Avenue. An adjacent, seven-level parking garage provides 716 spaces. Madison Partners will retain the leasing of the buildings.
Offering a truly elegant business environment, the streamlined white buildings with well-appointed lobby interiors sit among trees in a garden-like setting. A generously landscaped park includes soothing water features and a beautiful courtyard with a waterfall and lagoon. Corporate Pointe is conveniently located in Culver City near the 405 freeway, just five minutes from Los Angeles’ LAX airport, 10 minutes from Century City, and 20 minutes from downtown Los Angeles.