LOS ANGELES—New York Life Real Estate Investors has made a big investment in Culver City with the purchase of 400 and 600 Corporate Plaza, two class-A office towers. The investor purchased the properties on behalf of its institutional clients, and plans to renovate and reposition the properties to capitalize off of the growing office demand in the market.

New York Life Real Estate Investors declined to comment on the transaction, but earlier this year, Jeff Vertun, an associate with Avison Young and an expert on the Culver City market, told GlobeSt.com, “Culver City continues to attract and retain entertainment companies not only because of its deep industry roots, but for its central location; availability of unique creative space; and synergistic clustering of entertainment businesses.” Likewise, New York Life hopes to take advantage of the heightened demand that is pouring out from the adjacent Playa Vista market.

The investor did not disclose the seller, however, sources unrelated to the deal say that Asian Realty Partners sold the two properties to the life company. Those same sources tell GlobeSt.com that Asian Realty purchased the properties in June 2008 for more than $110 million as part of a portfolio from GE Capital. GlobeSt.com was not able to retain information on the sales price in this transaction.

Lincoln Property Co. will be handing leasing efforts for the property. David Binswanger of Lincoln Property Co., tells GlobeSt.com, “Once refreshed, these buildings will be well-positioned to take advantage of the tremendous demand from technology, media and content companies expanding in the Playa Vista area,” said David Binswanger of Lincoln Property Company who will manage the properties for New York Life Investors.”