The deal is part of a management contract in which the firm will ultimately manage as much as 2 million sf throughout the West Coast, according to the global real estate services company.
According to Mary Marx, managing director of asset services for Southern California, the local properties include: Warner Atriums, a 122,000-sf office building; the 153,000-sf Valley Corporate Plaza in Van Nuys; Trade Center I and II, a 93,000-sf office complex in Redlands; and 2650 Camino del Rio North, a 71,000-sf office building in San Diego. Cushman & Wakefield could eventually manage as many as 12 properties for SKB in California, Oregon and Washington, through its offices in Southern California, San Francisco, Portland and Seattle.
SKB acts as a fiduciary for approximately 225 investors representing more than $115 million in real estate investment. Since 1996, the firm has acquired 35 projects with an aggregate value of approximately $540 million.
With the addition of the SKB portfolio, Cushman & Wakefield's Southern California Asset Management Team has increased its portfolio of properties under management by 30% from 13 million to nearly 17 msf in the past 12 months, according Marx.
In the past three months, Cushman & Wakefield of Southern California has been engaged by property owners to manage more than 3.6 msf, primarily in the San Fernando Valley, Los Angeles Tri Cities and Orange County markets. Most recently, the firm has been retained by the owners of: the 517,000-sf 21st Century Plaza in Woodland Hills; the Sunset Millennium, a mixed-use development in Los Angeles comprised of 115,000 sf of office space and nearly 100,000 sf of retail; and 5150 Pacific Coast Highway, a 115,000-sf office building in Long Beach.
In the Tri-Cities, Cushman & Wakefield is now providing property management for Grand Central Business Center, a 599,000-sf mixed-used development in Glendale.
In Orange County, Cushman & Wakefield's asset services team was engaged to manage a 272,000-sf office building at 2020 Main in Irvine, a 363,000-sf industrial project in Santa Ana, and an 86,000-sf office building at 1500 Quail in Newport Beach.
For a related story, click on: C&W Wins ScanlanKemperBard Contract.
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