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

Los Angeles /
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.


Related Articles

arrow_forward_ios
Bret Michaels and the city of Calabasas (Getty)

Something to believe in: Poison’s Bret Michaels returns to Calabasas

Something to believe in: Poison’s Bret Michaels returns to Calabasas
Burbank Studios with Blackstone's Nadeem Meghji and Jeffrey Worthe (Google Maps)

Blackstone partners with Worthe Real Estate on 500K sf office tower

Blackstone partners with Worthe Real Estate on 500K sf office tower
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)

Continuum Partners, Platinum Equities plan Arts District office tower

Continuum Partners, Platinum Equities plan Arts District office tower
Khloé Kardashian (Credit: Rodin Eckenroth via Getty Images)

Khloe Kardashian offloads Calabasas manse for record price

Khloe Kardashian offloads Calabasas manse for record price
The Beverly Hills office (Credit: Google Maps)

Sam Hakim-led family firm pays $36M for Beverly Hills office

Sam Hakim-led family firm pays $36M for Beverly Hills office
Onni Group’s Rossano De Cotiis and a Wilshire Courtyard rendering

Onni Group’s Wilshire Courtyard overhaul would triple square footage

Onni Group’s Wilshire Courtyard overhaul would triple square footage
Adam Belfer and Asher Luzzatto with a rendering of the converted dairy

Luzzatto scores $49M construction loan for Sweetgreen HQ in West Adams

Luzzatto scores $49M construction loan for Sweetgreen HQ in West Adams
1.6 million square feet of office space was leased in L.A. in Q3

LA office market leasing fell 61% in Q3

LA office market leasing fell 61% in Q3
arrow_forward_ios

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

Loading...