Kilroy Realty sells Calabasas office complex for $78M

Buyer was a joint venture between Related Fund Management and Cruzan

TRD 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
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

arrow_forward_ios
Loading...