The vast 500,000-square-foot LNR Warner Center IV in Woodland Hills has sold for nearly $150 million, according to L.A. commercial real estate brokerage Newmark Grubb Knight Frank.
New York investment advisor Angelo, Gordon & Co. and Lincoln Property Co., a Dallas commercial real estate developer, partnered on the deal and paid $147 million for the 510,000-square-foot pair of Class A office buildings at 21255 and 21215 Burbank Blvd. near Canoga Avenue.
The deal also includes the purchase of a land parcel of less than an acre that would allow a 7,500-square-foot retail building, according to Newmark. The seller was Starwood Property Trust Inc.
The buildings are six stories and were built in 2008 as part of the 1.3-million-square-foot, seven-building LNR Warner Center. LNR Warner Center IV features a fitness center, cafeteria, basketball court, and data center, with tenants such as Activision Publishing Inc., New York Life Insurance Co. and United Online Inc. The pair sit next to the headquarters of Viking Cruises at 5700 Canoga Ave.
Kevin Shannon, Ken White, Rob Hannan and Laura Stumm of Newmark’s capital markets division and Jim Lindvall and Dan Sanchez of Jones Lang LaSalle Inc. negotiated the deal on behalf of the seller and the buyer. David Milestone and Scott Selke, also with Newmark, secured debt for the buyer.
“LNR Warner Center IV is a trophy asset and is one of only 12 institutional office projects that have been constructed over the past 10 years in Los Angeles County,” Shannon said in a statement. “The buyer will have a prime opportunity to add even more value through lease-up of vacancy, as well as development of the retail property.”