Harbor Associates buys Agoura Hills office for lab redevelopment

A2 Biotherapeutics signs 11-year lease at property

From left: Harbor Associates' Joon Choi, Justin Loiacono, and Paul Miszkowicz with 30601 Agoura Road
From left: Harbor Associates' Joon Choi, Justin Loiacono, and Paul Miszkowicz with 30601 Agoura Road (Loopnet, Harbor Associates)

Harbor Associates has purchased an office complex in Agoura Hills, with plans to redevelop it into lab and research space.

The Long Beach-based firm and its partner Platform Ventures bought a 119,000-square-foot building at 30601 Agoura Road for $19.3 million, or around $160 per square foot, according to an announcement on Wednesday. CBRE’s Mark Perry represented Harbor and Platform Ventures in the transaction.

Harbor Associates scored a $29.3 million loan in connection with the deal, suggesting remaining proceeds would be used for redevelopment, public records show.

Adler Realty Investments, a Woodland Hills-based firm run by Michael Adler, sold the property, according to public records. Lee & Associates’ Jay Rubin and Jared Smits represented the seller in the deal.

Adler bought the property for $18.4 million in 2008 — a gain of just under $1 million in 14 years.

In connection with the deal, Harbor signed A2 Biotherapeutics to an 11-year lease to take up about 76,000 square feet at the property. A2 will occupy the building in the second half of 2023, once renovations at the property are complete. Harbor did not disclose how much it plans to spend on a new buildout.

Harbor’s recent deal suggests office prices have dipped since March, as a result of rising interest rates, which have put downward pressure on pricing.

Harbor Associates also owns the offices next door — in 2020, the firm bought a 114,000-square-foot building at 30401 Agoura Road from Blackstone for $22 million, or about $190 per square foot.

But, earlier this year, Harbor refinanced the property by bringing on Gemdale’s U.S. division as a partner. Gemdale bought a majority stake in the building for $29.7 million, or about $260 per square foot.