New York Life Real Estate Investors Closes on the Acquisition of 400 and 600 Corporate Pointe in Culver City, California
New York, October 5, 2015—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of 400 and 600 Corporate Pointe, two institutional quality, Class A office buildings located in Culver City, California.
Situated in Los Angeles’ highly desirable Westside submarket, the buildings are located within a hub of the technology, media, entertainment, advertising, gaming and creative office sectors. This submarket is one of the fastest-growing and most dynamic office markets in the entire Southern California region. The two towers are well positioned to benefit from the area’s significant and ongoing momentum.
“The 400 and 600 Corporate Pointe properties represent an excellent opportunity to invest in two high quality assets. We plan to upgrade and re-position the two buildings so that they will continue to attract top tier tenants from within the Los Angeles market,” said Chris Hunt, senior director at New York Life Real Estate Investors.
“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.
“Corporate Pointe is a great addition to our West Coast office portfolio and we look forward to repositioning these assets,” added Mr. Hunt.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $42 billion in assets under management as of June 30, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company