The property is located near the Warner Center sub-market, across the street from a Westfield Shopping Town. The seller was Arden Realty Inc.
"The buyers felt this property was a high image asset in a quality market within the sphere of influence of Warner Center and within walking distance to all surrounding amenities," says Tony Principe of Westlake Village, Calif.-based Westcord, which represented Owensmouth LLC. "Yet, because it is on the fringe of Warner Center, we feel we can attract many tenants who don't want to pay north of $2 per square foot for rent."
There is approximately 10,000 sf of available space to lease at the property, says Principe, who is serving as the new owner's leasing agent. Principe adds that the new owners, who own and have developed numerous office projects throughout Ventura County, plan to perform extensive renovation of the building's common areas.
Key tenants of the office building include the State of California, Hughes Credit Union, Kinney Shoes, and the Department of Motor Vehicles. Principe said the building provides a host of modern amenities, including all suites being pre-wired for high speed Internet and other broadband services, four-to one surface and secured underground parking, two elevators, numerous view offices and a cafe within the building.
The nearby Warner Center area features 42 office buildings comprising an inventory of roughly 6 million sf. In comparison, the Canoga Park/Chatsworth area of the San Fernando Valley has 28 office buildings with only 2 million sf of inventory. According to a 2002 first quarter market report by Cushman & Wakefield, the Canoga Park/Chatsworth sub-market has an overall vacancy rate of 23.8%, while Warner Center is only 19.1% vacant.
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