The buyer plans a renovation project that includes painting, resurfacing the parking lot and adding landscape and hardscape to the common areas, according to Ron Feder of the Calabasas office of Lee & Associates, who represented the buyer. Feder says the renovations are a response to the area's rapid high-end residential development activity, strong demographics and a thin commercial market. The seller was represented by Jason Lind of SW Realty Advisors.
In another San Fernando Valley office deal, this one a lease, Gray DeFevere of NAI Capital represented Stubbs, Alderton & Markiles LLP in the cancellation of Vendare Media Corp.'s leased 20th floor space at Valley Executive Tower and the negotiation of a new nine-year Lease of the entire 18,483-sf 20th floor at 15260 Ventura Blvd.
Stubbs, Alderton & Markiles, a securities law firm, is moving its offices to the Valley Executive Tower in Sherman Oaks. Rick Pearson of Cresa Partners worked with DeFevere in arranging the deals, which were valued at a combined $6.9 million.
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