WESTLAKE VILLAGE, CA—LC3: Lindero Canyon Creative Campus has reached 95% occupancy. The owners of the office campus, Agoura and Lindero Associates LLC, have signed a five-year lease with Face First, a facial recognition technology company, for a 6,331-square-foot space in the building.
Agoura and Lindero Associates LLC purchased the property in 2012 as a traditional office building. At the time, the building had 36% occupancy. The owners completed a series of renovations to reposition the asset into a creative office space and named CBRE as the official leasing agent. Located at 31416 Agoura Road in Westlake Village, the property has a total of 65,000 square feet with open floor plans, polished concrete floors and special features like covered bike storage, drought-tolerant landscaping and outdoor courtyards and seating areas with fire pits. The building has one 4,300-square-foot unit remaining.
Face First is relocated from 1070 Flynn Road in Camarillo. The LC3 space is larger and can accommodate the company’s ongoing growth. Newmark Grubb Knight Frank‘s Ryan Harding represented Face First while CBRE SVPs Michael Slater and Tom Dwyer represented the landlord in the transaction. “This is the first and only creative office in the region and it generated tremendous interest,” Slater tells GlobeSt.com. “All we had to do is bring potential clients to the space to show them what we’re doing and the campus filled up quickly, in about three months. There’s a large demand for creative space right now, especially coming from the Y generation.”
In addition to the Face First lease, CBRE has also recently completed several other lease transactions at the property in the past 10 months, including leases with US Media, Cal Lutheran University, Kamus & Keller Architects and Sachs Marketing Group. These tenants occupy spaces ranging in size from 1,579 square feet to 17,763 square feet with three- to 10-year lease rolls.
Several creative office users have been finding space in some of the valley submarkets. To meet this growing demand, Industry Partners, a brokerage firm specializing in creative office users, recently expanded in to the San Fernando Valley. Market experts Trevor Belden and Robert Erikson are leading the new office, which is located at 3330 Cahuenga Blvd. in Universal City. It is the firm’s third L.A. office after Santa Monica and Downtown Los Angeles locations.