DEALS

The world’s largest music publisher, EMI Music Publishing, is the latest entertainment-related company to head west to Santa Monica. The EMI Group affiliate has signed a lease relocating its local offices from the Sunset Strip in West Hollywood to 21,000 square feet of space at the building that’s already home to MTV Networks and Live Entertainment.

EMI will install recording studios in the first-floor offices at the 2700 Colorado Ave. building (the former Tenet Healthcare/National Medical Enterprises headquarters), according to Jeff Worthe of M. David Paul Development, the building’s owner. He said EMI executives were influenced by the eastern Santa Monica commercial district’s creative environment and its proximity to the ocean.

Though Worthe declined to give financial details, Westside real estate sources estimated the 12-year deal is probably worth $8 million to $9 million. Cushman & Wakefield’s Brad Feld helped the M. David Paul team negotiate the lease transaction, while Jim Travers and Lawson Martin of Travers Realty negotiated on EMI’s behalf.

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Warner Oaks, a 227-unit upscale apartment community in Woodland Hills, has been purchased by Bay Area Apartment Communities, a Los Angeles-based real estate investment trust, for $20 million. The seller was De Anza Properties XII. Brokers Mark F. McDonald and Scott G. Miller of CB Commercial represented both parties.

The complex at Canoga Avenue and Burbank Boulevard was built in 1979 and is 96% occupied.

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In a transaction reflecting the strong demand for Westside commercial offices compared with downtown Los Angeles high-rises, investment banking firm Credit Suisse First Boston Corp. will consolidate and relocate two downtown offices into a single 25,000-square-foot facility in Westwood. CS/First Boston will occupy the 21st floor of the 24-story Oppenheimer Tower at 10880 Wilshire Blvd. Its current offices are at 333 S. Grand Ave. and 633 W. 5th St.

The 10-year lease with property owner Equity Office Properties is valued at $9 million, according to Cushman & Wakefield’s John Eichler and Brad Feld, who negotiated the transaction on CS/First Boston’s behalf. The brokers noted that CS/First Boston’s employee and client bases are concentrated on the Westside--as is the case with other Wall Street firms that have migrated west over the last few years.

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Goleta Venture, an investment group operating out of Chicago and Covina, has purchased a 200,000-square-foot shopping center on 17 acres in Goleta in a deal valued at $13.1 million.

Airport Plaza, at 500 S. Fairview, was 40% occupied at the time of sale. It was sold by Santa Barbara-based PDG. Other tenants include Golds Gym, Earthshell and AEA Credit Union.

John H. Peckham of Grubb & Ellis’ Santa Barbara office represented all parties in the sale.