An entity with links to New York-based real estate firm Somerset Group purchased the Woodland Hills Corporate Center complex from an affiliate of the Blackstone Group for $51 million, sources told The Real Deal.
The property, which comprises two Class A office buildings at 21021-21031 Ventura Boulevard, totals 230,833 square feet and includes an adjacent three-level parking garage. The property is 85 percent leased to more than 60 tenants.
Equity Office, an affiliate of the Blackstone Group, purchased the campus in 2015 for $46 million, according to property records. It recently renovated the property, making improvements to the building’s common areas, main lobby and courtyard.
Spokespersons for both Somerset and Blackstone were not immediately available for comment.
Sean Sullivan, Todd Tydlaska and Michael Longo of CBRE represented both the buyer and seller.
Class A asking rents in Woodland Hills average around $2.51 a square foot, a 12.6 percent increase over the past three years, according to research from CBRE. The 7.2 million square-foot Woodland Hills office submarket is also the largest in the 21 million square-foot San Fernando Valley region.