Fund Pays $105 Million for Warner Center Buildings

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RREFF is cornering the Warner Center.


LNR Property has sold the third phase of its LNR Warner Center to the German fund manager for $105 million, according to sources close to the deal. The transaction follows on the heels of RREEF buying the LNR Warner Center phases one and two in January for $155 million.


RREEF is buying the two-office building development, a 130,000-square-foot building at 5700 Canoga Blvd. and a 260,000-square-foot building at 21301 Burbank Blvd.


The deal, which works out to about $291 a foot, is expected to close on Thursday. The building wasn’t listed on the market and the transaction was brokered by CB Richard Ellis Inc.


Work is still being completed on part of the complex, and so far only tenants NetZero Inc. and ATK Missile Systems Co. LLC are occupying space. Other tenants are still building out their office space and once they move in the center will be nearly fully leased. The deal was first reported by trade publication Real Estate Alert.

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