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SAN FERNANDO VALLEY, CA-Global real estate services firm Jones Lang LaSalle has inked a deal with Beverly Hills-based Kennedy Wilson for the leasing of two class-A office buildings totaling 312,145 square feet. The near-184,000-sqiare-foot 16501 Ventura Blvd. in Woodland Hills and the more than 128,000-square-foot 6400 Canoga, also known as Warner Atrium, in Encino were acquired by Kennedy Wilson in 2011 and will undergo substantial restoration immediately, Ryan House, VP of JLL, tells GlobeSt.com.
“Kennedy Wilson has a great reputation in the L.A. region, and they intend to invest capital in the buildings to improve their current image,” says House.
Among the common-area improvements planned are modernizing and updating building corridors, restrooms and common areas, much of which is scheduled to be completed over the next six months.
The building at 16501 Ventura Blvd. is located along the Ventura Corridor and is 79% leased with immediate availability for office users seeking 1,000 to 20,000 square feet. The 6400 Canoga property is located in the master-planned community of Warner Center and is 70% leased, with space available ranging from 850 square feet to 43,000 square feet. Asking rent at 6400 Canoga is $2 per square foot, and $2.50 at 16501 Ventura Blvd.
Leasing efforts for both office buildings are being led by JLL’s managing director Jim Lindvall, executive VP Dan Sanchez, senior VP Tony Acerra and House. The multitenant buildings are open for leasing to all offices users, and JLL is offering typical market incentives and tenant improvement packages, House tells GlobeSt.com.
“Jones Lang LaSalle was selected for this assignment because of its knowledge of the San Fernando Valley office market as well as its experience in the region,” says Sanchez.
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