Terms of the transaction were not disclosed, but the deal is likely north of $100 million because it was part of $180 million worth of transactions closed recently by Madison Partners, and one of those deals has already been reported at $35 million while the remaining deal was a 119,000-sf R&D building in Orange County.
 400 Corporate Pointe |
IDS cited the Lower Westside submarket surrounding Corporate Pointe as "one of the most dynamic real estate submarkets in Southern California with over $2 billion in capital committed to projects within one mile of Corporate Pointe." Among them is Westfield's one-millionsf Culver City Plaza shopping center, which is currently undergoing a $188 million expansion and renovation including 332,600 sf of new restaurants and shops.
Brokers working the Culver City office submarket describe it as a strategic and affordable Westside option. They point out that rents in the submarket typically average several dollars per sf per month less than rents at similar projects farther north.
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