Arden Buys Another Big Calabasas Complex
Arden Realty has acquired another major Calabasas-area office property, the 274,000-square-foot Calabasas Technology Center complex on Agoura Road.
Los Angeles-based Arden bought the six-building property from institutional investment advisor Heitman Properties for about $42.5 million.
Arden President Victor Coleman noted that Arden’s acquisition of the complex, which is 93% leased, brings the fast-growing real estate investment trust’s portfolio in western San Fernando Valley and Conejo Valley up to 2.3 million square feet. Coleman said the sale was handled on Heitman’s behalf by Greenwich Group International.
Arden’s total office portfolio--consisting primarily of properties in Southern California suburban markets--now exceeds 17 million square feet.
