Warner Center Office Building Sold

Younan Properties Inc. has purchased Burbank Corporate Center at 21900 Burbank Blvd. in Woodland Hills, the company announced Tuesday. Financial details of the transaction were not disclosed. Located in the Warner Center neighborhood, Burbank Corporate Center has three stories and 91,100 square feet of Class A office space. The building was 83 percent leased at the time of the sale. “The Warner Center submarket is emerging as a submarket that delivers consistent, positive absorption as the result of ongoing demand for office space, employment growth, heavy population density and an improving living environment,” Chairman Zaya Younan said in a statement. “We have owned assets in this submarket and always have outperformed our peers in both occupancy and rental rate growth.” Younan Properties, headquartered in Woodland Hills, investments and manages office buildings on behalf of institutional and individual investors. Mark A. Perry, senior vice president at CBRE, represented Washington Capital, a fund manager for the seller of Burbank Corporate Center.