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Los Angeles

New York’s Somerset Group buys Woodland Hills Corporate Center for $51M

Woodland Hills Corporate Center (credit: Yardi)
Woodland Hills Corporate Center (credit: Yardi)

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.

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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.