MAJOR WARNER CENTER DEALS IN MIX MORGAN CHASE RUMORED TO BE BUYING 21ST CENTURY PLAZA COMPLEX.Byline: Gregory J. Wilcox Staff Writer WOODLAND HILLS - Three big deals - including one for the high-rise 21st Century Plaza office complex - are either pending, on the verge On the Verge (or The Geography of Yearning) is a play written by Eric Overmyer. It makes extensive use of esoteric language and pop culture references from the late nineteenth century to 1955. of closing or completed in Warner Center, officials said Tuesday. The biggest will likely be global investment firm JPMorgan Chase's purchase of the plaza, home to 21st Century Insurance, and owned by Century City-based Bentley Forbes LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Sources said it could fetch up to $130 million. The 500,000-square-foot complex consists of an 11-story tower built in 1980 and another completed in 2000. Bentley Forbes bought the complex from Tishman International after the second tower was finished. The plaza is on the west side of Owensmouth Avenue and south of Victory Boulevard Victory Boulevard is a major thoroughfare on Staten Island, measuring approximately 8.0 miles (12.87 km) and stretching from the west shore community of Travis to the upper east shore communities of St. George and Tompkinsville. in Woodland Hills. David Cobb For the 18th century U.S. Congressman, see . David Keith Cobb (born December 24, 1962 in San Leon, Texas) is an American activist and was the 2004 presidential candidate of the Green Party of the United States (GPUS). , Bentley Forbes president, said he could not comment beyond the fact that the building is on the market and that a contract is being negotiated and could be signed by week's end. This is a good time for sellers, though. ``There is an unbelievable amount of capital that's chasing stable real estate opportunities regardless of location but clearly more so in markets like Washington, Atlanta and L.A.,'' Cobb said. JPMorgan is definitely in the mix. ``We were informed by the property manager that JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. is the prospective buyer, but we've not privy as to when escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. might close,'' said 21st Century spokesman Larry Krutchik. The ownership change won't have much impact on 21st Century's long-term lease (11 years remaining) or operations, he said. More imminent is Arden Realty Inc.'s pending purchase of Warner Corporate Center, a 12-story high-rise at 21300 Victory Blvd. The purchase from London-based Grosvenor Group The Grosvenor Group is a property company which is privately owned by the Duke of Westminster, who is the third wealthiest man in the United Kingdom after Lakshmi Mittal and Roman Abramovich. could close as early as today, said Howard Stern, Arden's head of acquisitions. He could not comment on specifics of the deal. But the company already owns about 1.5 million square feet of commercial space 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. and is bullish on the market, especially Warner Center. ``It's the Century City of the San Fernando Valley,'' Stern said. Preceding these deals was Guggenheim Real Estate PLUS' recent $28 million purchase of Carlton Plaza, a four-story, 153,000-square-foot building at 20750 Ventura Blvd., from Crown Realty and Development. Representatives of the company's could not be reached for comment. But Mark Leonard and his team at CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. were involved in all three deals. Warner Corporate Center is 98 percent leased, and Carlton Plaza is 95 percent leased, numbers that make the West Valley market attractive to buyers. The West Valley's vacancy rate fell an annual 4.1 percentage points, to 10.4 percent, during the third quarter, the biggest drop in the Valley area. ``It has some really strong absorption, especially over the past two quarters,'' Leonard said of the Warner Center market. Gregory J. Wilcox, (818) 713-3743 greg.wilcox(at)dailynews.com CAPTION(S): map Map: 21st Century Insurance Warner Corporate Center 20750 Ventura Blvd. Daily News |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion