Calabasas Office Campus Sells for $53 Million

The seven-building Corporate Center Calabasas office campus in Calabasas has traded hands for $53 million, according to Madison Partners, which brokered the deal. Majestic Asset Management Inc. of Van Nuys bought the 325,000-square-feet Class A office park at 26565 to 26709 W. Agoura Road for $163 a square foot. The park was 78 percent leased at the time of the transaction. According to Madison, the seller was a joint venture between Lincoln Property Co. of Dallas and Angelo, Gordon & Co. of New York. The partners had recently completed a $4 million renovation on the nearly 15-acre property, installing enhanced wood facades and upgrading common areas, lobbies, restrooms, hallways and outdoor plazas with new landscaping. Majestic plans to invest more into property by adding an on-site restaurant, a gym with free membership to tenants, creative finishes and upgrades. The company plans to reposition it to attract tech, media and bioscience tenants. Bob Safai, Matt Case and Brad Schlaak with Madison negotiated the deal on behalf of both parties.