Los Angeles, CA (12/19/2016)
NGKF Capital Markets has completed the approximately $147 million sale of LNR Warner Center IV, a 510,105-square-foot, two-building Class A office property in Woodland Hills, CA. The sale also included a 0.88-acre land parcel that allows for a 7,500-square-foot retail building.
Kevin Shannon, Ken White, Rob Hannan, and Laura Stumm of NGKF Capital Markets in Los Angeles, along with local market experts, Jim Lindvall and Dan Sanchez of JLL, represented the seller, as well as the buyer, a joint venture between Angelo, Gordon & Co. and Lincoln Property Company. David Milestone and Scott Selke of NGKF Capital Markets arranged the debt on behalf of the buyer.
"LNR Warner Center IV is a trophy asset and is one of only 12 institutional office projects that have been constructed over the past 10 years in Los Angeles County," said NGKF's President of West Coast Capital Markets, Kevin Shannon. "The building quality combined with its outstanding location has attracted some key tenants over the past 18 months. The buyer will have a prime opportunity to add even more value through lease-up of vacancy, as well as development of the retail property."
Located at 21255 and 21215 Burbank Boulevard, LNR Warner Center IV includes two six-story buildings that were built in 2008. It is the newest phase in LNR Warner Center's four-phase master-planned office campus which totals 1.3 million square feet in seven office buildings. LNR Warner Center IV is offers a strong tenant roster which includes Activision, New York Life Insurance, Well Fargo, United Online and Kaiser Permanente.
LNR Warner Center IV features large floor plates, building top signage, abundant parking, fitness center, cafeteria, basketball court, and data center. It is also near a variety of dining options, residential developments, hotels, retail and the newly developed lifestyle center, The Village at Westfield Topanga.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.