The spate of activity in the western San Fernando Valley continues to intensify through the fourth quarter.
Douglas Emmett Realty Advisors has agreed to pay $162 million for the 655,000-square-foot Trillium at 6300-6320 Canoga Ave. in Woodland Hills, according to a source close to the deal.
Beacon Capital Partners unloaded the 90-percent leased Trillium, one of Warner Center's premier addresses, after buying it three years ago from the California Public Employees Retirement System for $134 million. The Boston-based firm garnered an 18 percent return on the deal, which was first reported in Real Estate Alert.
Beacon has been active in the marketplace recently, selling Bank of America Plaza for $435 million two months ago and picking up Figueroa Plaza for $133.5 million two weeks ago.
The Trillium deal follows three large Woodland Hills transactions within the last three months.
JPMorgan Chase & Co. is in the process of buying 21st Century Plaza, one of the submarket's trophy buildings, in a deal valued at more than $130 million. Arden Realty Group Inc. picked up the 254,000-square-foot Warner Corporate Center for about $64 million. And Younan Properties Inc. flipped WarnerView Corporate Center to Value Home Loan Inc. for $12.5 million.
Two large deals are still looming on the Warner Center market. Credit Suisse First Boston is shopping around its 449,000-square-foot LNR Warner Center, which could fetch a price in the neighborhood of $150 million. And Apollo Real Estate Advisors is nearing a deal for the Warner Center building it owns that serves as the headquarters for WellPoint Health Networks.
In addition to buying Union Bank Plaza, Hines Properties has begun marketing its 332,000 Lantana Media Campus in Santa Monica.
After a five-year tussle with neighbors, the Santa Monica City Council last month granted Houston-based Hines approval to build two new office buildings totaling 190,000 square feet.
Cushman & Wakefield Inc. Senior Director Carl Muhlstein has the listing, which he said is more akin to a recapitalization. Hines is looking to raise money from investors to complete the proposed expansion, he said.
"We're not looking to sell it," Muhlstein said, although he acknowledged a sale was a possibility.
Located at 3000 W. Olympic Blvd., Lantana is nearly fully occupied with about a third of the building's space dedicated to video editing rooms that are rented out on a monthly basis. IMAX Corp. and Revolution Studios take space in the project as well.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Beacon Close to Winning Bid for Purchase of BP Plaza
- SF Valley
- Sales Activity Paces Action; Vacancy Rates Continue Slide
- Falling Vacancies Fail to Ignite Increase in Rental Rates
- Rents Tumble as Space Floods Market
- Pinnacle Deals Buck Downward Movement in Tri-Cities Market
- Downtown Housing Developers Making Plans to Cash In