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July 14, 2020
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Harbor Associates Closes $48 Mil Office Buy in the San Fernando Valley


In a recent office buy in the San Fernando Valley, Harbor Associates LLC has acquired Encino Office Park, a four-building, 213.5k sf transit-oriented office campus in Encino, or $47.85 mil, or $224/sf. Located at 6345 Balboa Blvd, Encino Office Park is adjacent to the Balboa station of the Orange Line transportation system that connects the property to Warner Center, Universal City and downtown Los Angeles.

One of the only true campus environments in the submarket, Encino Office Park also benefits from direct access to I-405 and its proximity to the 2,000-acre Sepulveda Basin Recreational Park. The property, which was 89% leased at closing, features 12-foot slab-to-slab ceiling heights, subterranean parking and offers unobstructed views of the Santa Monica Mountains.

Harbor has been one of the most active investors in North Los Angeles in the last year, having acquired projects in Thousand Oaks, Toluca Lake, Glendale and Valencia. With the acquisition of Encino Office Park, Harbor’s local office portfolio now totals approximately one million square feet.

“We’ve seen strong tenant demand for differentiated and well-appointed office space in our North LA portfolio, particularly from tenants in the 1k sf – 8k sf range,” said Harbor Principal Paul Miszkowicz. “We think there’s unmet demand in this space and look forward to executing our multi-tenant lease-up strategy.”

Harbor plans a comprehensive renovation program that is designed to breathe new life into the project that was built in two phases between 1988 and 1990. As part of the renovation efforts, Encino Office Park will receive a new building entry experience, new project lobbies, installation of new EV charging stations & bike rooms, new LED site lighting, and improvements to the corridors and restrooms. The vacant office inventory will be repositioned as modern spec suites and feature a high-impact reception area, flooring upgrades, glass conference rooms, new paint, new carpet and the implementation of energy efficient LED lighting to replace existing florescent lighting fixtures.

“Encino Office Park represents our 21st office acquisition in the last four years as a firm and expands our Southern California office portfolio,” added Harbor Principal Justin Loiacono. “We intend on building on our recent momentum by sourcing new opportunities and pursuing similar strategies in suburban office markets with interesting demand drivers in order to meet our acquisition goal of $250 mil over the next 12 months. We have a robust pipeline of activity behind this transaction and look forward to continuing to build our Southern California portfolio.”

Anthony Delorenzo, Mark Shaffer, Todd Tydlaska and Mike Longo of CBRE represented the seller in the transaction. Shaun Moothart, Bruce Francis, Dana Summers and Katie Diaz of CBRE arranged the financing for the project with PNC Bank.

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