Big ticket item: Campus @ Warner Center hits market for $215M

Lincoln Property Co. and Angelo Gordon are selling the fully-leased office complex

TRD LOS ANGELES /
May.May 01, 2019 12:06 PM
LPC's David Binswanger, Angelo Gordon's CEO Michael Gordon and the property (Credit: Yardi Matrix)
LPC’s David Binswanger, Angelo Gordon’s CEO Michael Gordon and the property (Credit: Yardi Matrix)

As multifamily developers and commercial firms flock to Warner Center, one joint venture is looking to cash out.

Lincoln Property Company and Angelo Gordon have put their sprawling office campus, dubbed Campus @ Warner Center, on the market for $215 million, The Real Deal confirmed. Real Estate Alert first reported the listing.

The complex, formerly known as LNR Warner Center, is comprised of two six-story office buildings located at 21255 and 21215 Burbank Boulevard. It encompasses 509,000 square feet.

Campus @ Warner Center is nearly fully leased, with the bulk of those leases signed in the last year. Anthem Blue Cross signed a deal to occupy 169,000 square feet at the campus last July, vacating its longtime home at 21555 Oxnard Street. Other tenants include Activision Publishing, WeWork and New York Life.

The joint venture paid $147 million for the campus in 2016, property records show.

As it explores the sale of this property, Lincoln Property is pouring tens of millions into repositioning another one nearby. That 14-story building, recently left vacant by Anthem, is owned by Abraham Lerner. Lerner and Lincoln Property will work on a $50 million renovation on the complex, which has been on the market since October.

 

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