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9/14/18
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The Conrad N. Hilton Foundation paid $50 mil for the 168k sf ($298/sf) Dole corporate campus in Westlake Village in an off-market transaction.
The campus, situated on more than 10 acres at One Dole Dr, on the north side of the 101 Fwy off Lindero Canyon Rd, has acted as Dole Food’s headquarters for the past 20 plus years. Dole will continue to occupy a portion of the building.
The Hilton Foundation, which was a tenant at the property prior to the sale, has now designated the space as its headquarters. The site, which features a three-story office building, subterranean parking, and expansive greenspace, sits across the street from the Four Seasons Westlake Village.
CBRE’s Todd Tydlaska, Sean Sullivan, Mike Longo, Tom Dwyer and Michael Slater represented the seller, Dole, in the transaction.
“We’ve seen great activity among users who want to own the properties they occupy,” noted Tydlaska. “Real estate values across Southern California have been increasing, and CBRE’s Investor Intentions Survey for 2018 puts the Greater LA region at the top of the list. As office rents climb, owning in this market is a great way to protect you from future spikes.”
Westlake Village has accounted for nearly 60% of the 1.4 msf of net absorption in the 12 msf Conejo Valley office market since 2011, according to CBRE research. A number of new biotech and tech startups along with the continued expansions by Amgen, MannKind, and Atara Bio have earned the region its nickname “Biotech Valley.”
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