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

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

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.


Related Articles

A rendering of the project (Credit: Ian Espinoza Associates vis Urbanize)

Westfield adds affordable units to $1.5B Promenade redevelopment

From left: Angelo Gordon’s CEO Michael Gordon, Jonathan Feldman from Global Mutual and LPC’s David Binswangerand the property (Credit: Yardi Matrix)

Campus @ Warner Center selling for $211M

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

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone