Leonard notes that the property is a four-story, class-A development that is situated across from the Westfield Shoppingtown Topanga Mall. Leonard also represented the seller, Weinreb Family Trust.
Leonard calls the building "a solid asset in a strong market," pointing out that office vacancy rates in the surrounding submarket are running at about 7% to 8%. Built in 1986, the office building is 97% leased with approximately 27 tenants, including Footlocker and the State of California. All of the tenants are regional companies with leases of three to 10 years.
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