The three buildings occupy separate parcels and were developedin 1979. Albee notes that the Park Granada Center benefits from alocation across from the popular Commons at Calabasas retailcenter. The property is also close to other amenities, includingnew high-end retail, offices and hotels.

Albee was part of a Woodland Hills-based Sperry Van Ness teamincluding Jeff Gould and Chris Itule who represented the seller.The buyer was attracted to the scarcity of office buildings inCalabasas, the low vacancy rates and the increasing upwardspressure 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 oneof the tightest in Los Angeles County at about a 5.4% directvacancy rate. Even with sublease space, the total availability waslisted at less than 6% in recent market reports.