NEW YORK--(BUSINESS WIRE)--Northwood Investors ("Northwood") announced that it has sold a Class-A creative office complex in Santa Monica. The property, 2041 Colorado, is 100%-leased to leading music and entertainment companies with long weighted average lease term. Northwood acquired the property in 2015 and redeveloped it into a modern, creative office campus. Northwood had identified strong tenant demand for creative, architecturally distinguished buildings in Santa Monica that command a rental rate premium amidst limited product availability.
Brady Thurman, Senior Managing Director and Co-Head of Northwood’s US Investments Team, said: "We are proud of the vision and execution behind this asset repositioning that allowed Northwood to deliver a differentiated product in a highly desirable submarket. We believe this transaction confirms strong institutional demand for long-term leased, core properties in light of the current global yield environment."
Northwood has been investing into the Los Angeles real estate market since 2010.
About Northwood Investors
Northwood Investors is a privately held, real estate private equity firm that owns and operates real estate across the US and Europe. The firm currently manages approximately $8 billion of investor capital. Northwood's flagship fund seeks to opportunistically acquire well-located real estate with a plan to create value through hands-on asset management. Northwood is vertically-integrated with in-house operating teams across the office, multifamily, retail and hospitality sectors. Please visit www.northwoodinvestors.com for more information.