Lee & Associates LA North broker Mike Tingus has teamed up with Sheryl Mazirow, namesake of Westlake Village-based Mazirow Commercial Inc., which specializes in tenant representation in lease negotiations, on an 84,000-square-foot lease in Calabasas that promises to bring many jobs to the Conejo Valley.
Tingus and Mazirow could not discuss the tenant, but another source identified it as HRL Laboratories, headquartered in neighboring Malibu.
Established in 1948, HRL was previously known as Hughes Research Laboratories. The company performs physical science and engineering work for both government and commercial clients.
The property at 26800-26850 Agoura Road is owned by Cypress Land Co., which owns five buildings in Lost Hills for a combined 600,000 square feet.
“It’s such a unique building,” Mazirow said. “You have an office space component plus the flex area.”
Brokering the transaction, Mazirow represented the tenant, which was looking for another facility, while Tingus located the warehouse and represented the owner. Tingus and Mazirow declined to discuss financial terms of the deal, but Tingus allowed that “it’s a long lease.”
“This is one of the largest industrial R&D leases that I’ve ever done,” Tingus said, “(and) one of the more rewarding deals that I’ve ever done.”
The reason why this became such a rich deal? Low inventory.
“Industrial flex is a very tight market (especially in) Calabasas, Agoura Hills, Westlake Village,” Mazirow said. “There’s a lack of development in the area.”
Initially, the client was open to a variety of communities. However, the company’s broader search quickly narrowed.
“The scope of their project definitely changed,” Mazirow said. “For a variety of reasons, they wanted Calabasas.”
“They’re expanding, relocating some of their operations,” Tingus added.
It may be easy to see why that Calabasas proved the right fit. Following in the footsteps of Newbury Park and Thousand Oaks at large, the community has blossomed into a hub for R&D facilities. There’s Apex Life Sciences at 26745 Malibu Hills Road and pharma giants including Amgen, Johnson & Johnson, Medtronic and Allergan all have facilities nearby.
“Once we identified the right property, it took four months,” Tingus said. “This building in Calabasas is a flagship location. They took the entire building.”
“The lease commenced in March,” Mazirow added.
The deal has its roots in when Harbor Freight Tools USA Inc. left the building to relocate to a 228,990-square-foot space at Corporate Center Calabasas at 26565-26709 Agoura Road in 2019.
“I already knew ahead of time Sheryl’s requirements,”’ Tingus said. “When I heard Harbor Freight was moving out, it took a little longer to get the lease agreement.”
Working with Mazirow, whom Tingus has known for many years, was a natural course of business.
“We get calls all the time from tenant rep brokers,” said Tingus.