The Real Deal Los Angeles

Starwood shopping Woodland Hills office complex for up to $190M

The package includes a pair of six-story buildings

May 11, 2016 09:30AM

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21255 and 21215 Burbank Boulevard (credit: Google Earth)

21255 and 21215 Burbank Boulevard (credit: Google Earth)

Starwood Property Trust is shopping its 510,000-square-foot office complex in Woodland Hills. As part of the Warner Center development, the property is expected to draw bids up to $190 million, or $370 per square foot.

Listed by Newmark Grubb Knight Frank, the complex includes a pair of six-story buildings at 21255 and 21215 Burbank Boulevard, and features a fitness center, data center, basketball courts and cafeteria. An additional 7,500-square-foot retail building could be developed on the near-acre lot.

Its current occupancy rate is 82 percent. Tenants include software company Intuit, video game developer Activision and insurance company New York Life.

The buildings were built eight years ago, according to REAlert.com, and the overall Warner Center mixed-used development spans more than 1,000 acres.

Starwood Property Trust, a subsidiary of Barry Sternlicht’s Starwood Capital Group, is the country’s largest commercial mortgage REIT by market capitalization and claims a portfolio worth $9.5 billion.

In the first quarter of 2016, the Woodland Hills-Warner Center submarket saw 14 percent vacancy, according to a report by Transwestern.

A 28-acre land plot in the San Fernando Valley recently became one of the largest land listings to hit the submarket, The Real Deal reported last week. Land in the San Fernando Valley has doubled in value since 2012, according to CBRE. [REAlert.com] — Cathaleen Chen