Los Angeles – March 31, 2017 – CBRE Group, Inc. announced the sale of the 230,833 square-foot Woodland Hills Corporate Center to an affiliate of New York-based The Somerset Group.
CBRE’s Sean Sullivan, Todd Tydlaska, and Michael Longo represented both the buyer, Somerset West Partners LLC, and the seller in the transaction.
The Class A office campus, located at 21021-21031 Ventura Boulevard, features 12-story and 4-story office buildings, plus an adjacent three-level parking garage. The seller recently renovated the property, which sits adjacent to the 101 Freeway, including improvements to the common areas, main lobby and courtyard. The property is 85 percent leased to more than 60 tenants, with an average tenant size of approximately 3,300 square feet.
The 7.2 million square-foot Woodland Hills office submarket is the largest in the 21 million square-foot San Fernando Valley region. Class A asking rents in Woodland Hills have increased 12.6 percent over the last three years to $2.51 per square foot as of the end of 2016, according to CBRE research.
“The quality of the office environment buoyed by recent renovations, as well as the Ventura Boulevard address and easily walkable amenities, make this a relatively unique asset for the western San Fernado Valley,” said Sullivan. “This location is also central to several high-end residential communities along the 101 Freeway corridor from the Conejo Valley through the Hollywood Hills. It’s easy to see why professional service firms choose to locate here.”