Northwood Investors Scores $110M Loan for LA Office Courtesy of Blackstone
The property spans 288,000 square feet in the office and tech hub Culver City
Blackstone Group has provided a $110 million loan for an office property that spans almost 288,000 square feet in Culver City on Los Angeles’ Westside, Los Angeles Business Journal reported.
The property, called the Symantec Southern California Campus, is owned by Northwood Investors, which acquired the property from NortonLifeLock Inc. for $120 million in July. It’s located at 900 Corporate Pointe in the Fox Hills neighborhood, near the Westfield Culver City shopping center and the intersection of Sepulveda Boulevard and Slauson Avenue, off the 405 Freeway.
Two-thirds of the building was vacant at the time of the sale, LABJ reported. NortonLifeLock was previously named Symantec Corporation before it was sold to Broadcom Inc. last year in a $10.7 billion deal.
Rob Rubano with Cushman & Wakefield arranged the financing.
The property is adjacent to other notable office campuses, including properties occupied by TikTok’s owner Bytedance across the street at C3 at Culver Pointe. In 2019, Alexandria Real Estate Equities acquired a four-building office campus called Bristol 61 just down the road.
Office activity in L.A. County has been dismal since the outbreak of the coronavirus. The third quarter produced just 1.6 million square feet in leasing activity, 61 percent lower than the same period last year, according to Savills. Culver City had a 17.1 percent vacancy rate and an average rental rate of $4.09 per square foot, according to the report.
Northwood has worked with Blackstone in L.A. before. The firm acquired the 226-key London West Hollywood from Blackstone in 2013, for which Northwood received a $165 million refinance in February 2019.
Blackstone, meanwhile, made one of the few highlight deals of the summer in Hollywood when it acquired a 49 percent stake in Hudson Pacific Properties’ film studio portfolio, which includes almost 1 million square feet of office space.