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6/30/14
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In a recent lease comp from the Conejo Valley, Face First inked a new five-year lease for 6.3k sf of office space at LC3: Lindero Canyon Creative Campus. LC3 is located at 31416 Agoura Rd, south of the 101 Fwy off Lindero Canyon Rd in Westlake Village. The deal value was not disclosed.
Ryan Harding of Newmark Grubb Knight Frank repped the tenant in the deal. Face First, a company specializing in facial recognition software, is relocating from 1070 Flynn Rd in Camarillo into the new space which will allow them to grow.
Michael Slater and Tom Dwyer of CBRE represented the landlord, Agoura and Lindero Associates LLC, which is managed by Creative Office Properties. They purchased the traditional office building in late 2012, at which time it had just a 36% occupancy rate. They converted the vacant space into a creative office environment, selecting CBRE to be their exclusive leasing agent. At present, the 65.5k sf creative office building is 95% leased with only one 4.3k sf suite remaining.
With its sister company, Steaven Jones Development Company, Creative Office Properties has been acquiring and turning traditional offices into creative spaces since 1990, but only recently have they expanded into the Conejo Valley, recognizing the growing trend of tenants looking for creative space.
Other recently arranged leases by Slater and Dwyer at the creative office campus include a 10-year, 17.8k sf new lease for Cal Lutheran University and Huddle, its business incubator; a five-year, 9.9k sf lease with US Media; a three-year, 1.9k sf expansion for Heywood Friedman; a three-year, 1.8k sf new lease for Sunstone Properties; a three-year, 2.7k sf new lease for MDF Instruments; a five-year, 2k sf new lease for John Spach; a five-year, 2.5k sf new lease for Kamus & Keller Architects; and a four-year, 1.6k sf new lease for Sachs Marketing Group. All were completed in the last 10 months.
The property consists of two mirror-image structures, each two stories high and connected by a lobby. Renovations in 2013 and 2014 include a new standing-seam metal roof, drought-tolerant landscaping, covered bike storage, operable windows, renovated showers and restrooms, and new walkways leading into the building.
There are two open-air courtyards featuring an outdoor fire pit, two fountains and various outdoor seating areas. Comfortable seating, a coffee bar, free Wi-Fi, an interactive electronic directory, and a large flat screen television were added to the large lobby, known as The Commons. The renovated tenant suites have polished concrete floors, 12- to 15-foot high ceilings, extensive use of interior glass and separate HVAC systems so that tenants can each choose their own settings and potentially save on costs.
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