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.
