Kilroy Realty sells Calabasas office complex for $78M

Buyer was a joint venture between Related Fund Management and Cruzan

Los Angeles /
Jan.January 04, 2019 12:00 PM
From left: Related’s fund management Managing Principal Justin Metz, and Cruzan’s Founding Partner Dennis Cruzan (Credit: Kilroy Realty, Related, and Cruzan)

It’s been an eventful few months for Kilroy Realty.

After dropping $308 million on a San Francisco biotech project last year, the firm has quickly recouped roughly a quarter of that with a recent sale in Calabasas.

A joint venture between Related Fund Management and Cruzan has picked up Kilroy’s 225,340-square-foot office campus, dubbed Calabasas Park Centre, for $78.2 million, or $347 per square foot. The sale comes a few months after the property hit the market.

Kilroy listed the campus, located at 23925, 23975, 24025 Park Sorrento near the Caruso Commons retail development, for sale in September 2018 for $84 million, or roughly $375 per square foot.

Built in 2001, the Calabasas Park Centre is a Class A office campus spread across two four-story buildings and one two-story building. It was 96 percent leased to 38 tenants upon closing.

There’s also a 732-vehicle parking garage on site.

Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm at Newmark Knight Frank represented the seller, Kilroy. The brokerage announced the deal Thursday.

Related Fund Management is the fund management arm of Related Companies, a privately held developer and landlord based in New York City. In October 2017, the subsidiary also purchased a 306,700-square-foot office building in the South Bay for $106 million.

Related Fund’s JV partner, Cruzan, has also been an active investor in L.A. real estate. The San Diego-based firm claimed the most expensive deal in April 2018 with its $69 million purchase of a 112,000-square-foot office building in Beverly Hills. Cruzan partnered with insurer CIGNA on that purchase.


Related Articles

arrow_forward_ios
Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
CAA picks JMB Realty’s new Century City tower for HQ
CAA picks JMB Realty’s new Century City tower for HQ
Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
Staley Point, Bain spring for beer bash
Staley Point, Bain spring for beer bash
Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
Rexford’s latest in South Bay brings 307K sf
Rexford’s latest in South Bay brings 307K sf
Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick and 2701 Olympic Boulevard (Wikipedia, Loopnet)
Here’s how Microsoft will expand its SoCal office footprint with Activision
Here’s how Microsoft will expand its SoCal office footprint with Activision
Eisendrath Finance Group's Brian Eisendrath and Marcus & Millichap's Hessam Nadji (Twitter, Marcus & Millichap)
Marcus & Millichap inks deal to acquire multifamily lender
Marcus & Millichap inks deal to acquire multifamily lender
11672 San Vicente Boulevard in Brentwood (Google Maps)
Brentwood retail complex fetches $2,000 psf
Brentwood retail complex fetches $2,000 psf
9710 Zelzah Avenue with NMS Properties' Neil Shekhter and Bascom's Derek Chen (top right), David Kim (bottom right) and Jerry Fink (bottom left) 
Shekhter sheds two SF Valley properties for $52.5M
Shekhter sheds two SF Valley properties for $52.5M
The Mix at Harman Campus at 8500 Balboa Boulevard with Shubin Nadal Realty Investors' Bill Shubin and Lonnie Nadal (Shubin Nadal Realty Investors)
44-acre business campus in San Fernando Valley for sale
44-acre business campus in San Fernando Valley for sale
arrow_forward_ios

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

Loading...