The three buildings occupy separate parcels and were developed in 1979. Albee notes that the Park Granada Center benefits from a location across from the popular Commons at Calabasas retail center. The property is also close to other amenities, including new high-end retail, offices and hotels.
Albee was part of a Woodland Hills-based Sperry Van Ness team including Jeff Gould and Chris Itule who represented the seller. The buyer was attracted to the scarcity of office buildings in Calabasas, the low vacancy rates and the increasing upwards pressure on office rents, Albee says.
Market reports show the Calabasas-Westlake Village submarket, which is relatively small with about 11 million sf of space, as one of the tightest in Los Angeles County at about a 5.4% direct vacancy rate. Even with sublease space, the total availability was listed at less than 6% in recent market reports.
Another sign of strength in the Calabasas-Westlake Village submarket was the recent record of sales at locally based developer TR Funding's 34,000-sf Vantage at Westlake office condominium project. The project was 95% sold out, with 22 of the 23 individual units of from 800 sf to 2,000 sf purchased by a variety of users.
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