It’s not all Drake and Kimye in Calabasas as 4M Investment buys redesigned office complex

The deal for the 76K sf property comes amid a strong Calabasas office market, besides its celebrity-filled luxury homes

Aug.August 30, 2019 10:00 AM
Brightview CEO Andrew Masterman and 24151 Ventura Boulevard
Brightview CEO Andrew Masterman and 24151 Ventura Boulevard

Calabasas’ latest big office deal is a Class-A property on Ventura Boulevard.

The buyer, 4M Investment Corporation, paid $24 million for the 76,000-square-foot building, records show. ValleyCrest Landscape Companies sold the property at 24151 Ventura Boulevard. Both cut the deal through separate entities.

4M Investment plans to convert the property to a multi-tenant operation. The firm’s last big play in the L.A. area was a joint venture investment with Elat Properties into a Universal City office property. The joint venture purchased the 103,000-square-foot property from Blackstone Group for $36 million.

ValleyCrest had the office custom built in 2004, tapping Nadel Architects for the design.

Lee & Associates’ Mike Tingus, Grant Fulkerson and Jonathan Bruce represented ValleyCrest in the deal.

Calabasas is best known for its celebrity residents, who include rapper Drake, along with Kanye West and Kim Kardashian West. But the city also has a strong office market, which attracts investors.

Kilroy Realty Group sold the 225,000-square-foot Calabasas Park Centre early this year to a joint venture of Related Fund Management and Cruzan for $78 million.

Rising Realty Partners owns the similarly sized Park Calabasas campus and recently signed worker’s compensation servicer Republic Indemnity to a 50,000-square-foot lease there.

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