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
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Rising CEO Christopher Rising and Park Calabasas
Rising Realty and Fortress sell Park Calabasas to Gemdale for $79M
Rising Realty and Fortress sell Park Calabasas to Gemdale for $79M
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
arrow_forward_ios

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

Loading...