LNR Preleases 181,000 SF at New Buildings

Intuit is scheduled to move its innovative merchant solutions division into its new space in August of 2008 following the completion of the second building in phase four, which is scheduled to be finished in March 2008. Countrywide is slated to occupy its space in December this year after the first building of phase four is completed.

Terms of the deals were not disclosed, but asking rates for the space at the new buildings, both of which are six stories, range from $2.75 per sf to $2.95 per sf per month, full service gross. Along with the two new buildings, phase four includes a 7,500-sf restaurant pad and a 1,740-stall parking structure. The deals represent an expansion for Intuit and a relocation for Countrywide from Warner Center Business Park in Woodland Hills.

Several other large-scale corporate tenants are in negotiations to lease space on the campus, according to Ken O'Neill, vice president of LNR Property Corp. He notes that the first three phases of the seven-building, 1.3-million-sf LNR Warner Center are 98% leased.

The brokers of record for LNR Warner Center are Paul Stockwell and John Sabourin of the Los Angeles office of Studley in a rare landlord assignment for the tenant rep firm. Countrywide was represented by Steve Eyler of Travers Realty, with Intuit represented by Bart Lammerson of Staubach and Gary Wagmeister of Corporate Realty Consultants.

Located at the northeast corner of Canoga Avenue and Burbank Boulevard, LNR Warner Center is the second-largest office complex in the San Fernando Valley. LNR Commercial Property Group is a private company that operates as the real estate development and investment division of Miami-based LNR Property Corp.