The three buildings occupy separate parcels and were developed in 1979. Albee notes that the Park Granada Center benefits from a location across from the popular Commons at Calabasas retail center. The property is also close to other amenities, including new high-end retail, offices and hotels.
Albee was part of a Woodland Hills-based Sperry Van Ness team including Jeff Gould and Chris Itule who represented the seller. The buyer was attracted to the scarcity of office buildings in Calabasas, the low vacancy rates and the increasing upwards pressure on office rents, Albee says.
Market reports show the Calabasas-Westlake Village submarket, which is relatively small with about 11 million sf of space, as one of the tightest in Los Angeles County at about a 5.4% direct vacancy rate. Even with sublease space, the total availability was listed at less than 6% in recent market reports.
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