CALABASAS, CA-Lincoln Property Co. has acquired the 321,000-sf Malibu Canyon Corporate Center for $90 million from the Johnston Group, according to Jeff Johnston, president of the Johnston Group. The sale of the complex, which the Johnston Group developed beginning in 1985, is one of the largest office building transactions in the Conejo Valley in 2006.

The office park, fronting the 101 freeway on Agoura Road just west of the Las Virgenes exit, was 98% occupied at the time of the sale. The deal included land adjacent to the park that is the planned site of an additional 50,000-sf class A office building.

The transaction was brokered by a team from CB Richard Ellis including Michael Slater, Tom Dwyer, Jennifer Rice, Tom Bohlinger and Kevin Shannon. The Slater, Dwyer and Rice team will also handle leasing at the office complex, which features amenities including a highly visible freeway location, surface and subterranean parking, a park-like setting, water features, an on-site gym and a café.

The property has maintained an occupancy of more than 90% throughout its history and has commanded some of the highest rent levels in the West San Fernando Valley/Conejo Valley, according to the Johnston Group’s website. It points out that “all seven buildings in the overall office park are interconnected by fiber-optic cabling, enabling tenants to expand within the park while maintaining their existing telecom and data services.”

Recent market reports describe the Conejo Valley office market in general as very strong and the 101 Technology Corridor, where the Malibu Canyon Corporate Center is located, as one of the strongest submarkets within the region. The market has continued to tighten in recent years, with few large blocks of contiguous space available, although more space is in the pipeline.

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