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The Real Deal Los Angeles

Kilroy Realty lists Calabasas office campus for $84M

The 225K sf property is nearly fully leased
By Natalie Hoberman | September 12, 2018 08:00AM

Calabasas Park Centre and John Kilroy

It’s been three months since Kilroy Realty bought a $308 million stake in a San Francisco biotech project.

Now, the West Los Angeles-based real estate investment trust is looking closer to home. The firm has put a three-building office campus in Calabasas on the market for $84 million, or roughly $375 per square foot, The Real Deal has confirmed.

Named the Calabasas Park Centre, the 225,000-square-foot campus at 23975 Park Sorrento is nearly fully leased. The campus, which Kilroy built in 2001, includes two four-story buildings and a 732-vehicle parking garage.

Kevin Shannon and his team at Newmark Knight Frank have the listing.

Kilroy — led by John Kilroy Jr. — owns a number of properties in L.A., including Columbia Square in Hollywood. The sprawling, 4.7-acre campus is home to several media companies, including Viacom and virtual reality firm New Hollywood, as well as Michael Kors’ parent company Global Brands Group. It also has a residential component, with 200 unfurnished and furnished apartments.

In June, Kilroy spent $308 million to acquire Greenland USA’s stake in a biotech campus project. The U.S. arm of the Chinese developer Greenland Group sold the 40-acre property just two years after investing in the project.

Greenland’s exit from the San Francisco project followed a similar move from other Chinese firms, such as Wanda Group, which are stepping away from projects located outside of China as their local government pulls back on overseas spending.