From left: Related’s fund management Managing Principal Justin Metz, and Cruzan’s Founding Partner Dennis Cruzan (Credit: Kilroy Realty, Related, and Cruzan)
It’s been an eventful few months for Kilroy Realty.
After dropping $308 million on a San Francisco biotech project last year, the firm has quickly recouped roughly a quarter of that with a recent sale in Calabasas.
A joint venture between Related Fund Management and Cruzan has picked up Kilroy’s 225,340-square-foot office campus, dubbed Calabasas Park Centre, for $78.2 million, or $347 per square foot. The sale comes a few months after the property hit the market.
Kilroy listed the campus, located at 23925, 23975, 24025 Park Sorrento near the Caruso Commons retail development, for sale in September 2017 for $84 million, or roughly $375 per square foot.
Built in 2001, the Calabasas Park Centre is a Class A office campus spread across two four-story buildings and one two-story building. It was 96 percent leased to 38 tenants upon closing.
There’s also a 732-vehicle parking garage on site.
Kevin Shannon, Rob Hannan, Brunson Howard, Michael Moll and Laura Stumm at Newmark Knight Frank represented the seller, Kilroy. The brokerage announced the deal Thursday.
Related Fund Management is the fund management arm of Related Companies, a privately held developer and landlord based in New York City. In October 2017, the subsidiary also purchased a 306,700-square-foot office building in the South Bay for $106 million.
Related Fund’s JV partner, Cruzan, has also been an active investor in L.A. real estate. The San Diego-based firm claimed the most expensive deal in April 2018 with its $69 million purchase of a 112,000-square-foot office building in Beverly Hills. Cruzan partnered with insurer CIGNA on that purchase.
Source: The Real Deal Los Angeles