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2/05/16
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Pepperdine University has leased a 107.2k sf, Class A R&D building in Calabasas to locate its administrative and other offices. The transaction is for 10 years and includes options. The value was not disclosed.
The building, located at 26750 Agoura Rd, is owned by Cypress Land Company and is considered to be one of the best R&D buildings in Calabasas and throughout the Conejo Valley market. It offers immediate access to the Ventura (101) Freeway and direct access to the Pacific Coast Highway and Malibu in a state-of-the-art facility with many amenities in walking distance.
The property had most recently been occupied by Spirent Communications Inc, a global leader in communications testing and measurement. Spirent last year relocated to the Liberty Canyon Technology Center, also in Calabasas.
Mike Tingus and Grant Fulkerson, principals of Lee & Associates-LA North/Ventura, represented Cypress Land in the transaction. The university, which operates 73 degree programs across five schools in Malibu, West Los Angeles, Encino, Westlake Village and Silicon Valley, was represented by Cushman & Wakefield. The brokers, Jeffrey Welch and Lynn Williams, have since joined CBRE.
“Pepperdine was initially interested in leasing temporary space to utilize for storage during the renovation of its law library,” Tingus said. “But this property was so close to its main Malibu campus and the building was so rich in amenities, school officials felt they couldn’t pass up the opportunity for a longer term transaction.”
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