BIG DEAL'S BUYERS LIST WHITTLED FIVE FIRMS NAMED AS RIVALS FOR WARNER CENTER COMPLEX.Byline: Gregory J. Wilcox Staff Writer WOODLAND HILLS - Several big Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. real estate companies made the short list of prospective buyers for the sprawling Warner Center Properties complex, which could fetch up to $420 million, sources familiar with the deal said on Friday. Companies mentioned as front-runners are Santa Monica-based Douglas Emmett & Co., which already has extensive holdings in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. ; Century City-based Colony Capital  This article may contain improper references to .Please help [ improve this article] by removing . LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ; Trammel Crowe Co.; Arden Realty and Crescent Real Estate Equities Co. of Forth Worth, Texas. A spokeswoman for Crescent declined comment, and Emmett and Colony officials did not return phone calls. Emmett currently owns the recently redeveloped Sherman Oaks Galleria Sherman Oaks Galleria is a shopping mall and business center located in the Sherman Oaks neighborhood of Los Angeles, California at the corner of Ventura and Sepulveda Boulevards in the San Fernando Valley. Locals colloquially refer to the mall simply as "the Galleria. . The high-profile Warner Center package - which consists of 2.3 million square feet of space in six high-rise towers along Oxnard Street between Topanga Canyon Boulevard and Canoga Avenue, and 15 low-rise structures between Canoga and De Soto avenues and Oxnard and Califa streets - is being marketed by the Los Angeles office of Secured Capital Corp. Representatives of that company have not returned repeated calls seeking comment. The Alaska Pension Fund and a Harvard University employees fund bought the Warner Center portfolio in 1995 for $170 million. The Alaskan group holds a 67 percent stake. AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) Capital Management LP, a Boston-based asset management company, is advising the current owners in the sale. That company wouldn't talk, either. ``We won't issue any comment until the transaction is finalized. We just don't comment on rumors and speculation,'' said spokeswoman Martha J. Thurber. Bids on the portfolio were due at the end of November. About 20 groups expressed interest and about 15 submitted formal bids. The final two are expected to be Emmett and Colony Capital or Emmett and Crescent, sources said. The reason the property is on the market is one of the partners felt like it was time to take its profits. ``We've been involved in the project for a long time and created a lot of value so it's time for our clients to capture that and redeploy re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. their capital,'' J. Thurber said at the time the sale was announced. Warner Center Properties' highest-profile tenant is Health Net Inc., which will be moving to the new LNR LNR Local Nature Reserve (United Kingdom) LNR Last Number Redial LNR London News Radio LNR Left/Node/Right (in order binary tree traversal in computer programming) LNR Local Negotiated Rate Warner Center a few blocks away later this year. Arden and Trammel Crowe are the only companies to acknowledge their interest in the package. CAPTION(S): photo Photo: (color) Warner Center Properties includes 2.3 million square feet of office space in 21 high- and low-rise buildings. |
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