According to Gary Weiss and Lynwood Fields, principals at Los Angeles-based Madison Partners who represented Countrywide in the sale, the building represented a value-add opportunity offered at below replacement cost that attracted nine offers within 30 days before the seller struck a deal with DTS. The buyer was represented by Carlo Brignardello and Mathew Miller of Cresa Partners.

DTS produces technology that is used in hundreds of millions of consumer electronics products worldwide, including home theater, car audio, personal computer and game consoles, DVD video, Blu-ray and other products. Fields says that Countrywide, which became a subsidiary of Bank of America on July 1, chose the DTS offer because of the technology firm's "excellent reputation, superior financial strength and commitment to the area." In difficult times like these, he adds, DTS' intended occupancy of the project weighted heavily on the seller's decision to choose the Agoura Hills-based firm over the competing offers.

An SEC filing by publicly held DTS says that the company will lease 59,500 square feet of the 5220 Las Virgenes Rd. building to Countrywide until the end of January. After that, DTS plans to relocate to the building and may incur between $10 million to $15 million in costs during 2008 and 2009 for the relocation and build-out of its space in the building, according to the public filing.

Built in 1999 by Lowe Development, the Las Virgenes building is situated on slightly more than six acres at the northeast junction of Las Virgenes Road and the Ventura (101) Freeway. Amenities in the corporate campus include an on-site gym, locker rooms and showers, outdoor patios and a cafeteria/lunch room.