LNR Warner Center is composed of four five-story buildings andone three-story building that were developed by LNR. Built instages between 2001 and 2005, the office campus at the time of thesale was 98% leased.

Colin Shepherd, an SVP at Hines, says the company has had itseyes on the Woodland Hills office market and Warner Center foryears. He calls LNR Warner Center "the highest-quality asset inthat submarket."

The Woodland Hills office market consists of 45 buildingstotaling about 6.3 million sf with a vacancy rate of approximately9.6%, according to the most recent report by CB Richard Ellis. Thereport pegged average asking rates in the submarket at $2.33 per sfper month.

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