Angelo, Gordon & Company and Lincoln Property Company are in contract to buy two buildings in the LNR Warner Center for $150 million, or about $295 per square foot, The Real Deal has learned.
Totaling 509,000 square feet, the two six-story buildings, at 21215 and 21255 Burbank Boulevard, are owned by Starwood Property Trust, who has been shopping the complex since May.
The listing agents are Kevin Shannon, Laura Stumm and Rob Hannan of Newmark Grubb Knight Frank.
The sale is non-refundable and in closing mode, according to a source close to the deal. Starwood, Lincoln, Angelo and Shannon could not be immediately reached for comment.
The buildings are 82 percent occupied, with tenants including software company Intuit, which leases 165,000 square feet. Other tenants include developer Activision and insurance company New York Life. Angelo and Lincoln will have the opportunity to build an additional retail structure up to 7,500 square feet on the near-acre lot.
The two structures were built in 2007 and 2008 respectively, according to CoStar.
The sale may be the first in a string of Warner Center transactions. Houston-based real estate giant Hines, which owns an older portion of the LNR Warner Center, is rumored to be interested in selling its five-building spread, TRD reported last month, amid speculation of an impending loan default.
Also in September, Angelo sold its seven-building Cerritos Corporate Center for $62 million to Black Equities. The New York-based investment firm has acquired over $13 billion of properties since 1993, according to its website.
The Dallas-based Lincoln Property has an extensive commercial portfolio in L.A., including the 566,000-square-foot Wateridge complex in West L.A. it bought for $135.3 million in June.
Starwood Property Trust, the country’s largest commercial mortgage REIT by market capitalization, is a subsidiary of Barry Sternlicht’s Starwood Capital Group. It claims a portfolio worth $9.5 billion.