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Friday, Jun 9, 2023

L.A. Developer to Buy Bank’s Chatsworth Headquarters

Investment Development Services Inc. could find about 800,000 square feet of San Fernando Valley office space in its stocking this holiday. Sources said the Los Angeles-based development company could close escrow on Washington Mutual’s Chatsworth headquarters properties before the year is out. The deal includes three properties, part of a seven-building campus that WaMu acquired when it purchased Great Western Bank in 1997. WaMu in September said that it was divesting the properties, along with others it owns, as part of an effort to pour more operating funds into its core businesses. Brokers for Washington Mutual and officials at IDS declined to comment. IDS currently manages about 21 million square feet of properties. Among its development projects is the Westlake North Business Park, which IDS recently sold. If the deal goes through as planned it will cap several recent large office deals. Also expected to close before the end of this year, the Trillium, which includes two towers totaling 590,000 square feet. Douglas Emmett is believed in escrow to acquire the property from Beacon Capital Partners, although the principals have not confirmed the story. Also this year, Arden Realty Inc. acquired Warner Corporate Center, a 253,698-square-foot office building, from Grosvenor, for $64.5 million, and Carlton Plaza, a 153,000-square-foot office building, was sold to a joint venture of Guggenheim Real Estate and Bantry Holdings. Low interest rates and values nearing what many consider to be the top of the market drove a number of sale transactions in the Valley in 2004. But the biggest real estate deals of the year were devoted to development, especially housing, hotels and retail. Selleck Properties is developing two new Marriott hotels on a 10-acre site in Newbury Park. Operators are also getting underway with an ExtendedStay America and a Courtyard by Marriott hotel in Simi Valley. And DT Ventures has proposed a boutique hotel for Studio City. On the retail front, an old movie theater in Sherman Oaks gave way in 2004 to plans for a Best Buy. And developers finally began work to convert the former Price Pfister plant in Pacoima to include a Lowe’s store. Black & Decker Corp., which owns Price Pfister, has begun the required cleanup of the site. New industrial development, which has been limited not by market forces but the sheer lack of available land in the Valley, in 2004 was characterized by smaller projects and smaller facilities geared to the owner-user. One such example begun in 2004 is the Tapo Canyon Business Park underway by Panattoni Development Co. A 105,000-square-foot industrial park with buildings ranging from 9,000 to 25,000 square feet is planned for the Simi Valley development. One of the few office developments that commenced in 2004 is the Burbank Civic Plaza, a mixed use office and retail complex underway by Cusumano Real Estate Group. Younan Logs Another Younan Properties Inc. has sold Younan Plaza in Sherman Oaks for $6 million. The company purchased the 30,000-square-foot office building on Ventura Boulevard about 19 months ago for $4.4 million. ValueClick Expands ValueClick Inc., an online marketing and advertising firm, has inked a deal for a new, 35,000-square-foot facility in Westlake Village. The 64-month deal is valued at $5 million, sources said. ValueClick officials declined to comment on the move. The company is expected to occupy 30699 Russell Ranch Road. Tom Festa and Jim Lindvall, brokers with Grubb & Ellis, represented the landlord, TIAA-CREF. ValueClick was represented by Carlo Brignardello, principal at CRESA Partners. Activision Lease Videogame maker Activision Inc. has leased a 53,000-square-foot industrial building in Woodland Hills. The company will be taking over the facility formerly occupied by Applause, the plush toy manufacturer that filed bankruptcy following the death of its CEO. The facility, at 6041 Variel Ave., will be converted to a game studio for Neversoft, the Activision division that produces the company’s Tony Hawk game. Ted Simpson, a broker with Cushman & Wakefield, represented Activision. The landlord, Toluca Moorpark Ltd., was represented by Brian Forster at TOLD Partners and Barry Saywitz of the Saywitz Co. New Accounts for Wilson Wilson Commercial Real Estate picked up a number of new marketing assignments, including several in the greater San Fernando Valley area. Wilson was tapped to handle leasing for a 22.5-acre, mixed use development in Palmdale for the city of Palmdale. The broker was also awarded the marketing contract for Simi Valley Promenade. The 82,000-square foot shopping center is managed by Toibb Enterprises of Woodland Hills Marketing Best Beth Bliffen, director of marketing for Encino-based homebuilder Larwin Co., was named marketing director of the year at the Elan Awards sponsored by the Sales & Marketing Council of L.A. and Ventura counties. Bliffen is a 17-year veteran in the home building industry, who has opened eight new communities during her five years with Larwin. Senior reporter Shelly Garcia can be reached at (818) 316-3123

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