Project Description

600 CORPORATE POINTE | CULVER CITY | CA

June 27, 2008: Madison Partners facilitated the sale of 600 Corporate Pointe and 400 Corporate Pointe, two buildings located in Culver City, CA. The prices were allocated $78.4 million for 600 Corporate Pointe, and $42.6 million for 400 Corporate Pointe.

The seller, GE Capital, provided the financing for the deal. According to Bob Safai with Madison Partners, there were no unusual conditions with this sale and no 1031 exchange. Occupancy at the time of the sale was reported at 93%. The escrow period for the sale was only 30 days because of seller financing.

Arden’s motivation for the sale reflects their desire to liquidate major assets.