Woodland Hills Corporate Center Sold

The vast 231,000-square-foot Woodland Hills Corporate Center has sold to a New York real estate investment firm, according to CBRE Group Inc. in Los Angeles. The Class A office park at 21021 to 21031 Ventura Blvd. sold to Somerset West Partners, an affiliate of Somerset Group, CBRE said. The price was not disclosed, but news stories report $51 million. Blackstone Group was the seller, according to CoStar Group Inc. The complex includes a 12-story and a four-story office building as well as a parking garage, and was recently renovated. The buildings were 85 percent at the time of the sale with 60 tenants. CBRE’s Sean Sullivan, Todd Tydlaska and Michael Longo negotiated the deal on behalf of the buyer and the seller. According to CBRE, average asking rents for Class A space in the 7-million-square-foot Woodland Hills office submarket have risen 12.6 percent over the last three years to $2.51 per square foot. It’s the largest submarket in San Fernando Valley’s office market of 21 million square feet. “The quality of the office environment buoyed by recent renovations, as well as the Ventura Boulevard address and easily walkable amenities, make this a relatively unique asset for the western San Fernando Valley,” Sullivan said in a statement.