X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WOODLAND HILLS, CA-A partnership sponsored by privately held real estate conglomerate Grosvenor has paid an estimated $40 million for the 252,973-sf Warner Corporate Center office development, the first of several major sales that could soon be announced in LA’s San Fernando Valley over the next few weeks.

The 12-story, class A building stands at 21300 Victory Blvd. It has been on the market for several months.

The building was sold by Nomura Warner Center Associates LP. The tower is inside Warner Center, a sprawling “mini-city” that several builders helped to develop over the past 25 years.

Though the granite-clad Warner Corporate Center is just 13 years old, Nomura recently renovated it in an effort to stay competitive with even newer complexes in the area. And while office tenants in the building include such well-known names as McDonald’s Corp. and Zurich American Insurance, Grosvenor VP Alan Chamorro says the tower still has two contiguous floors totaling 43,000 sf available for rent plus several suites looking for tenants.

Despite the building’s vacancies, Chamorro says Warner Corporate Center is a welcome addition to Grosvenor’s LA-area holdings that include Downtown’s Citibank Center at 444 S. Flower St. “Grosvenor has owned a number of prominent buildings in the greater Los Angeles area over the years, and we are pleased that Warner Corporate Center is now part of our distinguished portfolio,” he says.

Grosvenor is one of the largest private real estate companies in the world. It owns or manages more than $7 billion of property worldwide and is associated with the Grosvenor Estate of Great Britain, which comprises the holdings of the Duke of Westminster and other members of the Grosvenor family.

An Eastdil brokerage team of Kevin Dretzka, Kevin Crummy and Anthony Malk represented Nomura in the sale of Warner Corporate Center. Grosvenor represented itself.

Local brokers tell GlobeSt.com that an even bigger Warner Center sale could be completed soon. Boston-based AEW Capital Management recently hired LA-based Secured Capital Corp. to market the 2.3-million-sf Warner Center Properties portfolio on behalf of AEW client Alaska Permanent Fund Corp., and the package is expected to fetch around $450 million.

Alaska Permanent Fund is the group charged with investing the State of Alaska’s oil revenue on behalf of its residents. Brokers say that several bidders have already expressed interest in the fund’s Woodland Hills portfolio, including Chicago-based office giant Equity Office Properties Trust and Santa Monica-based Douglas Emmett & Co.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.