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Discount tool retailer hammers out giant lease at Calabasas office HQ

The property owner, Majestic Asset Management, signed the company to a long-term lease

Harbor Freight Tools CEO Eric Smidt and Corporate Center Calabasas
Harbor Freight Tools CEO Eric Smidt and Corporate Center Calabasas

A discount tool retailer just assembled one of the largest commercial leases in the San Fernando Valley.

Harbor Freight Tools signed a 15-year lease to occupy 228,990 square feet at the Corporate Center Calabasas for its new headquarters, the company announced. The space represents roughly 70 percent of the entire campus.

Harbor Freight will occupy four of the six buildings on the campus, which is located along 26565 – 26709 Agoura Road. It will be relocating from offices down the road, at 26541 Agoura Road.

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Majestic Asset Management owns the complex. It paid a joint venture of Lincoln Property Company and Angelo, Gordon & Co. $53 million — or roughly $163 per square foot — to acquire the Class A property in September 2017.

It’s been upgrading the 325,000-square-foot campus since it took acquired the property.

Tom Dwyer, Michael Slater, Caroline Bigelow and Andres Uribe represented the landlord. Matthew Miller at CRESA represented the tenant.

Harbor Freight, a family-owned firm led by CEO Eric Smidt, has 1,000 stores nationwide. It has several in Los Angeles County, including in Van Nuys, North Hollywood, Culver City and Burbank.