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

Los Angeles /
May.May 11, 2016 09:30 AM

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


Related Articles

arrow_forward_ios
Midwood CEO John Usdan  and a rendering of  Sportsmen’s Lodge hotel (Midwood, Kilograph)
Sportsmen’s Lodge Hotel redevelopment catches environmental endorsement
Sportsmen’s Lodge Hotel redevelopment catches environmental endorsement
Joel Schreiber, Barry Sternlicht and 801 South Broadway (Google Maps, Cmichel67/CC BY-SA 4.0/via Wikimedia Commons)
Starwood entity looks to foreclose on Broadway Trade Center
Starwood entity looks to foreclose on Broadway Trade Center
California Home Builders CEO Shawn Evenhaim and a rendering of the Q De Soto project in Woodland Hills  (Newman Garrison + Partners, IAC)
California Home Builders breaks ground on Q De Soto in Woodland Hills
California Home Builders breaks ground on Q De Soto in Woodland Hills
Rendering of Instil Bio's life sciences campus project at 18404-18412 Oxnard Street (CBRE)
Instil Bio to build manufacturing plant in Tarzana
Instil Bio to build manufacturing plant in Tarzana
Rendering of 220k SF Storage Facility In Van Nuys (KSP Studio, City of Los Angeles, iStock)
Developer wants to pack more self storage into Van Nuys site
Developer wants to pack more self storage into Van Nuys site
Douglas Emmett's Jordan Kaplan with 21600 Oxnard Street (Getty, LoopNet)
Douglas Emmett claims Center for Autism owes $4.7M
Douglas Emmett claims Center for Autism owes $4.7M
Councilman Bob Blumenfield with 5300 N. Oakdale Ave (Dean Musgrove, iStock)
Last commercial orange grove in the San Fernando Valley slated for luxury homes
Last commercial orange grove in the San Fernando Valley slated for luxury homes
LA Rams quarterback Matthew Stafford and 24200 Hidden Ridge Road (Getty, EGC Real Estate Group)
LA Rams QB Matthew Stafford flips Hidden Hills home for $21M
LA Rams QB Matthew Stafford flips Hidden Hills home for $21M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...