Blackstone unit sells Westlake Village office complex to apartment developer

Garden Communities buys 116K sf complex for $32M

EQ Office CEO Lisa Picard and 5601 Lindero Canyon Road (EQ Office, Google Maps)
EQ Office CEO Lisa Picard and 5601 Lindero Canyon Road (EQ Office, Google Maps)

EQ Office, a Blackstone company, has sold a Westlake Village office complex to a multifamily firm.

Garden Communities, a New Jersey-based apartment landlord, bought the 116,000-square-foot office complex for $32 million, or around $275 per square foot, according to property records.

According to its website, the company owns apartment complexes in Los Angeles, Irvine and San Diego, as well as Scottsdale, Arizona. In Los Angeles, the company has eight apartment buildings, all located in the northern part of the city, from up in Northridge to Sherman Oaks and across to Toluca Lake.

It’s unclear whether Garden Communities will convert the office building into a multifamily structure and the land is currently zoned for office uses. The company did not respond to a request for comment.

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Blackstone sold the property for almost double what it paid for it in 2015, records show. The company bought it from Arden Realty for $18.1 million.

The complex, located at 5601 Lindero Canyon Road, is currently mostly available for lease, according to online listings. Office space on the first and second floors are asking about $2.35 per square foot per month.

Office campuses in Westlake Village have recently sold for slightly more per square foot. In July, Amstar and Searles Property Group bought a 239,000-square-foot complex for $80.8 million  – about $338 per square foot.