Deal Adds to Realized Proceeds from Sale of Underutilized Assets
TEMPE, Ariz.--(BUSINESS WIRE)-- NortonLifeLock (NASDAQ:NLOK), a global leader in consumer Cyber Safety, today announced it has finalized the sale of its Culver City, California campus with Northwood Investors for $120 million.
“The sale of the Culver City campus is another step toward achieving our forecasted $1.5 billion in proceeds from underutilized assets,” said Natalie Derse, chief financial officer of NortonLifeLock. “We have now realized $875 million in cumulative proceeds and remain confident that we will achieve our forecasted results. Additionally, we have eliminated approximately 95% of the total stranded costs as of June and are ahead of plan to complete our transition by the end of summer.”
Located at 900 Corporate Pointe in Culver City, the property consists of approximately 300,000 rentable square footage on approximately three acres of land. NortonLifeLock will retain a seven-year lease for two floors in the building.