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Saturday, Apr 20, 2024

$1 Billion Office Makeover at Warner Center

There’s a dozen new reasons to embrace Woodland Hills’ office sector, according to brokers and city staff familiar with the submarket. Adler Realty Investments Inc., which owns the Warner Center Corporate Park at Burbank Boulevard and De Soto Avenue, originally proposed a plan to raze the 24-acre site and redevelop the site back in 2017. A recent city-filed environmental report has revealed additional details on a long-running project in Woodland Hills. Adler’s upcoming vision for the property sees 12 buildings with 1.14 million square feet of office space, about 80,000 square feet of ground-floor commercial space, 841 rental apartments, 168 condominium units and a 228-key hotel. Currently, the property has several mid-rise buildings with tenants that include Revolution Media and Arrow Electronics Inc. But the Michael Adler-led development firm wants to revamp its existing office campus. The dozen buildings will be a mix of low- and high-rise structures, including seven podium-type and wrap buildings along the north side of the property, and several 15-story office towers lining Burbank Boulevard to the south. Among this set, the tallest building calls for a 24-story, 350-foot tower. Facades will feature materials as stucco, glass, wood and masonry. For parking, Adler will create a series of subterranean and podium parking structures with some 5,548 spaces. New internal streets cross-cutting the property will allow for automobile access. Adler is currently waiting for approvals from the city, after which construction will occur in eight phases across 15 years between 2020 and 2035. Based in Woodland Hills, Adler Realty Investments, a real estate investment company with over $1 billion of properties acquired or in development since inception in 1996, currently maintains a portfolio consisting of more than 4 million square feet of industrial, office, retail, and multi-family properties as well as land for development throughout the western United States. Warner Center has plenty of other ambitious overhauls in the works. Adler is already developing a six-story, 37-unit housing project on Vanowen Street in Woodland Hills. Moreover, the project will overlap with many simultaneous multi-phase developments by other companies, led by Unibail-Rodamco-Westfield’s billion-dollar overhaul of the Promenade mall, which will bring housing, office space (including a 25-story tower), hotel and a 7,000-seat sports arena to Warner Center. There are also least five residential projects from Shawn Evenhaim’s California Home Builders in Canoga Park in the form of the Q tower network, plus myriad residential buildings from rival developers. Los Angeles City Councilmember Bob Blumenfield, who oversees the district which includes Woodland Hills, told the Business Journal that the Adler project fits in line with his master plan to transform Warner Center into the downtown of San Fernando Valley in the next 15 years. “Our goal when we passed the Warner Center 2035 Plan a few years ago was to help make the area a desired work, live, play community,” said Blumenfield. “This sort of investment is crucial in not only in diversifying our housing stock and adding more mixed use opportunities, but it also helps preserve the single family home communities that surround Warner Center.” Blumenfield added that he supports the Adler endeavor and foresees an interplay with its Woodland Hills surroundings.

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