Malibu Corporate Center Trades for $90M

CALABASAS, CA-Lincoln Property Co. has acquired the 321,000-sf Malibu Canyon Corporate Center for $90 million from the Johnston Group, according to Jeff Johnston, president of the Johnston Group. The sale of the complex, which the Johnston Group developed beginning in 1985, is one of the largest office building transactions in the Conejo Valley in 2006.

The office park, fronting the 101 freeway on Agoura Road just west of the Las Virgenes exit, was 98% occupied at the time of the sale. The deal included land adjacent to the park that is the planned site of an additional 50,000-sf class A office building.

The transaction was brokered by a team from CB Richard Ellis including Michael Slater, Tom Dwyer, Jennifer Rice, Tom Bohlinger and Kevin Shannon. The Slater, Dwyer and Rice team will also handle leasing at the office complex, which features amenities including a highly visible freeway location, surface and subterranean parking, a park-like setting, water features, an on-site gym and a café.