LPC, Angelo Gordon Re-List Warner Center Office for $210M
The development features 514,000 square feet of Class A space in the expanding Warner Center district
By Greg Cornfield March 9, 2022 4:05 pm
reprints
“Try, try again.”
After the pandemic foiled a previous sale in 2020, Lincoln Property Company (LPC) and Angelo Gordon are putting a big office property back on the market in one of the fastest-growing districts in Los Angeles.
Real Estate Alert first reported that the two six-story Class A office buildings with 514,000 square feet at 21215 and 21255 Burbank Boulevard are for sale again, this time asking $210 million, or $409 per square foot.
The owners did not return requests for comment. Newmark (NMRK)’s Kevin Shannon has the listing, according to the report, but he was not immediately available.
The buildings are located in the Warner Center district of Woodland Hills in the San Fernando Valley. Combined, the property is 84 percent leased and anchored by Anthem, which occupies 169,000 square feet. Activision Publishing, which is part of the Microsoft acquisition of Activision Blizzard, leases 90,000 square feet. Other tenants include WeWork and New York Life Insurance Company.
The owners had agreed to sell the property to London-based Global Mutual in February 2020 for $211 million, but the deal fell through when the COVID-19 pandemic halted the markets.
Angelo Gordon and LPC acquired the site from Starwood Property Trust in 2016 for $146.3 million, or $285 per square foot, property records show. In December 2020, Wells Fargo (WFC) provided a $118 million loan that matures in January 2024.
The Warner Center area is a master-planned district set to become the “downtown of the San Fernando Valley” amid a 20-year plan to create a “live-work-play” community, and the area has seen a surge in residential and office developments.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
