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September 20, 2019
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LOS ANGELES COUNTY NEWS
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Optimus Properties Sees Value-Add Opportunity in $22 Mil Medical/Office Buy in the San Fernando Valley

8/09/19

Optimus Properties LLC has purchased Tarzana Tower, an 84.8k sf Class A office/medical building in the western San Fernando Valley. The building, located at 18321 Ventura Blvd in Tarzana, sold for $22 mil ($259/sf).

The asset is a 10-story, multi-tenant office/medical building situated on over an acre of land. It is centrally located in an upscale residential market and near major Los Angeles freeways and employment centers. Additionally, this is the tallest building in the area with high identity visibility, making it a rare acquisition opportunity in a supply-constrained office market.

Tarzana Tower is advantageously located adjacent to Providence Tarzana Medical Center, which has partnered with Cedars Sinai. The center is currently undergoing a $540 mil expansion and renovation, which is scheduled to be completed by 2022. This project will establish the Providence Cedars-Sinai Tarzana Medical Center as the leading medical facility in the San Fernando Valley.

Janet Neman with Kidder Mathews represented Optimus Properties in the off-market transaction. According to Neman, approximately 37k sf of the building is permitted for medical use, however, the new owner plans to reposition the asset. The partnership between Providence and Cedars-Sinai is expected to expand healthcare in the San Fernando Valley, making Tarzana Tower ideally positioned to accommodate the area’s growing medical users.





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