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
Blackstone's Stephen Schwarzman with 6700 8th Street, 22642 Lambert Street and 23512 Commerce Center (Getty, PS Business Parks, LoopNet)
OC portfolio with 1.1M sf part of Blackstone acquisition
OC portfolio with 1.1M sf part of Blackstone acquisition
Brookfield’s Brian Kingston with 425 East Colorado Street (Brookfield's Real Estate Group, LoopNet)
Brookfield sells Glendale office building to owner-occupier
Brookfield sells Glendale office building to owner-occupier
Joel Schreiber and 801 South Broadway (Google Maps)
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Redcar Properties' Jim Jacobsen and 843 North Spring Street (LinkedIn, Lever Architecture)
Offices built with cross-laminated timber coming to Chinatown
Offices built with cross-laminated timber coming to Chinatown
Initiative to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Long Beach (Illustration by The Real Deal with Getty)
Downtown Long Beach office vacancy highest in 20 years
Downtown Long Beach office vacancy highest in 20 years
Jamison Properties' Jaime Lee with the Pierce National Life Building (LinkedIn, Google maps)
Koreatown office building poised for residential conversion
Koreatown office building poised for residential conversion
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave sells Tustin office building for $91M
SteelWave sells Tustin office building for $91M
arrow_forward_ios

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

Loading...