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September 27, 2023
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Class B Office Building in Woodland Hills Bought for $173/sf


A 48k sf office property in Woodland Hills sold for $$8.3 mil ($173/sf). The Class B building is located at 22801 Ventura Blvd, at the intersection with Fallbrook Ave.

Located centrally on Ventura Blvd, with proximity to Calabasas and the Warner Center, the area will be welcoming new retail and food establishments along with additional enhancements along Ventura Blvd. These efforts are part the City of Los Angeles’ “Reimagine Ventura” initiative that launched last year.

The initiative is a neighborhood-scaled project along Ventura Blvd, San Fernando Valley’s Main Street, which will support local businesses and create a better sense of place for nearby residents with additional parking, enhanced landscaping, and pedestrian improvements. The project was sparked by community members who enlisted the Woodland Hills-Warner Center Neighborhood Council and other groups to develop a clear vision for their main street.

Scott Romick, Darren Casamassima, Jay Rubin and Scott Silverstein with Lee & Associates LA North/Ventura represented the buyer, My Properties Group LLC, headed by Principal Sami Ullah. The seller was 22801 Ventura, LP / Jamison Services, also repped by Romick, Casamassima, Rubin and Silverstein. Romick, Casamassima and Rubin will serve as the leasing agents for the new owners.

According to Casamassima, the buyer saw a value-add opportunity to reposition this building to target local businesses to be the best-in-class in the area. They’ve already begun property renovations including spec suites to make the building even more appealing to the community.

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