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CULVER CITY, CA-A Praedium Group opportunity fund called TPFV LLC has acquired the 200 and 300 Corporate Pointe office buildings from the Amberjack Ltd. subsidiary of State Farm Insurance for $31.3 million, according to Beitler Commercial Realty Services.

The transaction was brokered by Barry Beitler of Beitlers headquarters office in West Los Angeles.

The two-building office development, also known as The Glen at Corporate Pointe, was built in 1985. The two structures measure 95,000 sf and 110,000 sf, for a total of 205,000 sf. The total square footage in the buildings was approximately 70% occupied at the time of the sale.

Beitler represented both the buyer and the seller, which had owned the buildings for about 15 years. Beitler says the new owner plans to aggressively lease the remaining vacancy in the project, where major tenants include State Farm Insurance, Paychex, and Shiseido Cosmetics. The deal is the latest in a series of acquisitions and dispositions in Southern California by Praedium.

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