REAL ESTATE: San Fernando Valley

The San Fernando Valley’s office vacancy rate tightened in the fourth quarter to 12.9 percent from 13.3 percent the prior quarter, and compared with 13 percent in the year-earlier period. Class A rents budged only slightly to $2.75 a square foot from $2.72 in the third. Net absorption was 124,404 square feet.

Main Events

-Starwood Property Trust Inc. sold two office buildings at Warner Center, totaling 510,000 square feet at 21255 and 21215 Burbank Blvd. in Woodland Hills, to Angelo Gordon & Co. and Lincoln Property Co. for $147 million.

-Rockwood Capital and Redwood Partners Inc. sold the 292-apartment Lofts at NoHo Commons, at 11136 Chandler Blvd. in North Hollywood, to MWest Holdings and KBS Strategic Opportunity REIT II for $103 million.

-Kennedy Wilson Properties Inc. sold the 174,000-square-foot Academy Tower office at 5200 Lankershim Blvd. to Swift Real Estate Partners for $61.5 million.

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