CANOGA PARK, CA -- Major renovation and aggressive marketing by the new owners of
a four-story Class A office building bordering Warner Center are being credited with
revitalizing the facility to 95 percent occupancy, according to Westcord Commercial Real
Estate Services.Tony
Principe, executive vice president of Westlake Village-based Westcord, and Darryl
Zilberstein, also of Westcord, report that five leases totaling some 21,000 sq. ft. have
been consummated within the last 30 days at the 80,000 sq. ft. tower located at 6800
Owensmouth Ave., Canoga Park. The deals leave just 3900 sq. ft. available.
Zilberstein reports
that leases have recently been signed with Spectrum Construction for 10,000 sq. ft.,
Remedy Temporary Services, 3500 sq. ft., El Centro De Amistad, a non-profit firm, 3300 sq.
ft., HMI Associates, a security firm, 2500 sq. ft., and with Dynamedia, an advertising
firm, 1150 sq. ft. He added that leases are pending for another 1750 sq. ft. of
space.
"The ownership
of the building saw the value in executing leases slightly below market in order to bring
a building that had not been fully occupied for years up to high occupancy," said
Zilberstein. "We expect it to be fully leased within the next 30 days."
Principe said that Owensmouth LLC acquired the building from Arden Realty, Inc.
approximately one year ago based on its strategic locale across from the Westfield
Shopping Town at the periphery of Warner Center.
"The buyers felt
this property was a high-image asset in a quality market within the sphere of Warner
Center and within walking distance to all surrounding amenities. Yet, because it is
on the fringe of Warner Center, we felt we could attract tenants who don't want to pay
Warner Center rents," said Principe. "This has proven to be true," he
added. The Owensmouth tower is a steel frame structure featuring a white stucco and
dark glass facade.
Westcord is one of the Los
Angeles area's top 25 commercial real estate companies with offices in Westlake Village,
CA, and Van Nuys, CA. |
