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August 7, 2020
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Calabasas Office Property Changes Hands in $9 Mil Transaction


A private investor paid $8.95 mil for a 44.7k sf ($200/sf) office building in Calabasas. The property, located at 26677-26679 W. Agoura Road, is part of Corporate Center Calabasas, a project that consists of six Class A office buildings located within the 101 corridor, featuring surface and subterranean parking, a park-like setting and excellent freeway visibility and access.

The building was sold by Majestic Asset Management Inc. CBRE’s Tom Dwyer, Michael Slater and Caroline Bigelow represented Majestic in the deal. The buyer, a private investor, was repped by Ron Feder at KW Commercial Calabasas.

“Majestic bought this office park with the intent of selling off individual parcels as opposed to the entire project,” said Slater. “This area has seen a lot of demand from office users and in turn from investors. Much of the LA region and particularly submarkets that boast amenities and easy access to transportation are in high demand.”

Majestic, a real estate investment and property management company with a focus on re-positioning income properties, is currently upgrading the campus to create a lifestyle project with modern, desirable amenities, including a high-end gym exclusive to tenants, outdoor collaboration spaces and on-site restaurant.

“Majestic has been willing to commit the capital to transform properties into contemporary office campuses,” said Slater. “This project sits in a market that has seen great demand from employers. Each of these buildings promises to be a great income-producing investment.”

Los Angeles County ended the year with strong occupancy gains in every submarket driven by large deals signed by content creators, government tenants and co-working companies. Despite a 90 basis points increase in vacancy, the 11% year-over-year rise in asking rents resulted in strong investment activity, according to CBRE’s latest fourth-quarter research.

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