Host of Commercial Real Estate Projects Underway in Valley
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The new 21st Century Industries headquarters building in Warner Center was completed and a host of other commercial real estate construction projects were started, completed or announced during the fourth quarter as the San Fernando Valley’s construction boom continued.
The 21st Century Plaza, completed in December, is a 273,000-square-foot, 11-story office tower on Owensmouth Avenue, near Victory Boulevard, in Woodland Hills.
The $30-million project was constructed as a “build-to-suit” for 21st Century, which will occupy 172,500 square feet on six floors, said Arlene Pepp, leasing manager for the building’s developer, Tishman International Cos. Pepp said the remaining 100,000 square feet, or four floors, is expected to be leased to other tenants.
Also in Warner Center, developer Lennar Partners of Irvine has announced plans for a 1.2-million-square-foot office complex, LNR Warner Center, at the northeast corner of Canoga Avenue and Burbank Boulevard. Construction will begin this month, according to John Sabourin, a Lee & Associates broker marketing the project.
The Warner Center projects were two among many office, industrial and retail projects that made news during the fourth quarter in the Valley. Other notable developments included $40 million worth of new leases at the Glendale Plaza office building.
The following list includes major commercial projects that either broke ground, were completed, obtained governmental approvals or were announced during the fourth quarter:
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Project: 21st Century Plaza
Location: Owensmouth Avenue and Victory Boulevard, Woodland Hills
Size: 273,000 square feet
Type of building: office
Developer: Tishman International Cos.
Cost: $30 million
Status: Completed during fourth quarter
Project: LNR Warner Center
Location: Canoga Avenue and Burbank Boulevard
Size: 356,000-square-foot first phase, 1.2 million square feet total
Type of building: office
Developer: Lennar Partners
Cost: $70 million for the first phase
Status: Announced during fourth quarter; first phase construction slated to begin this month
Project: Corporate Pointe at West Hills
Location: 8533 Fallbrook Ave., Former Coast Savings headquarters
Size: 355,000 square feet
Type of building: office
Developer: Trammell Crow Co.
Cost: $55 million
Status: Renovations began during fourth quarter
Project: Empire Center Office Campus
Location: Southeast corner of Buena Vista Street and Empire Avenue, Burbank
Size: Up to 600,000 square feet in five buildings
Type of building: office
Developer: Zelman Development Co.
Cost: $100 million
Status: Announced during fourth quarter
Project: Speculative industrial building
Location: Lancaster Business Park, Fortune Way and Avenue K-15, Lancaster
Size: 61,121 square feet
Type of building: industrial
Developer: LANCO, a venture of Atkinson and Associates and Frazier Masonry Corp.
Cost: $3.4 million
Status: Announced in fourth quarter
Project: The Centre
Location: 8400 Balboa Blvd., Northridge, (former Harmon International Business Campus)
Size: 130,000 square feet
Type of building: office
Developer: Trammell Crow Co.
Cost: $20 million
Status: Demolition of old buildings completed in fourth quarter
Project: Glendale Plaza
Location: 655 N. Central Ave., Glendale
Size: 530,000 square feet
Type of building: office
Developer: PacTen Partners
Cost: $100 million
Status: Five new tenants signed $40 million in leases totaling 140,000 square feet.
Project: North Valley Industrial Center
Location: Sierra Highway and Division Street, Lancaster
Size: 61,280 square feet completed in two buildings; project to be 1 million square feet upon completion
Type of building: industrial
Developer: S&I; Associates
Cost: $30 million upon build-out
Status: First two buildings completed in December; others scheduled to follow
Project: Newhall Business Park
Location: Smyth Drive, Valencia
Size: 85,250 square feet
Type of building: office and industrial
Developer: CW Equities
Cost: $12 million
Status: Announced during fourth quarter
Project: Ridgeview Business Park
Location: 28328-28350 Witherspoon Parkway and 29003 Avenue Sherman, Valencia
Size: 136,554 square feet in three buildings
Type of building: industrial
Developer: IIC Financial & Development
Cost: $11 million
Status: Construction began in fourth quarter
Project: Witherspoon Plaza
Location: 28410-28430 Witherspoon Parkway, Valencia
Size: 63,474 square feet
Type of building: industrial
Developer: IIC Financial & Development
Cost: $5.5 million
Status: Construction completed in fourth quarter
Project: Celis Industrial Park
Location: 600 block of Celis Avenue, San Fernando
Size: 20,000 square feet
Type of building: industrial
Developer: Bernards Bros. Investment Co.
Cost: $2 million
Status: Completed in fourth quarter
Project: Airport Plaza
Location: 2940 N. Hollywood Way, Burbank
Size: 160,000 square feet
Type of building: office
Developer: Trammell Crow Co.
Cost: $30 million
Status: Permit approvals obtained in fourth quarter
Project: Plaza del Valle
Location: Van Nuys Boulevard between Chase Street and Parthenia Avenue
Size: 197,000 square feet
Type of building: retail renovation
Developer: Agora Realty, Management & Construction
Cost: $30 million
Status: Announced during fourth quarter
Project: Pharmavite warehouse
Location: 28305 Livingston Ave., Vista Business Park Phase II, Valencia
Size: 418,000 square feet
Type of building: industrial
Developer: Investment Development Services Inc.
Cost: $8.3 million
Status: Construction completed in fourth quarter
Project: Vista Business Park, Phase III
Location: 28000 block of Livingston Avenue, Valencia
Size: 206,000 square feet
Type of building: industrial
Developer: Investment Development Services Inc.
Cost: $6 million
Status: Land acquired and entitled in fourth quarter
Project: Chocolates a la Carte
Location: 28455 Livingston Ave., Valencia
Size: 110,950 square feet
Type of building: industrial
Developer: Newhall Land & Farming and the Hewson Co.
Cost: $4.5 million
Status: Completed in fourth quarter
Project: Valencia Commerce Center
Location: 28101 Witherspoon Parkway, Valencia
Size: 142,141 square feet
Type of building: industrial
Developer: Sares-Regis
Cost: $10 million
Status: Construction began in fourth quarter
Project: Los Angeles International MediaCenter
Location: 9301 Penfield St., Chatsworth
Size: 3.1 acres
Type of building: satellite communications center and 45,000-square-foot office/communications technology building
Developer: McKibben Communications
Cost: $2.9 million
Status: Construction began in fourth quarter
Project: North Campus at Rye Canyon Business Park
Location: 25100 Rye Canyon Road, Santa Clarita
Size: 428,548 square feet
Type of building: office and industrial
Developer: Legacy partners
Cost: not available
Status: Renovation completed in fourth quarter
Project: Aquafine Corp.
Location: Valencia Commerce Center
Size: 100,157 square feet
Type of building: industrial
Developer: Intertex
Cost: not available
Status: Construction began in fourth quarter
Project: Intertex II
Location: 28608 Livingston Ave., Valencia Commerce Center
Size: 39,933 square feet
Type of building: industrial
Developer: Intertex
Cost: not available
Status: Construction began in fourth quarter
Project: The Crossroads
Location: Valencia Commerce Center
Size: 77,000 square feet
Type of building: retail, office and industrial
Developer: Newhall Land & Farming
Cost: not available
Status: Announced in fourth quarter
Project: Gateway IV Location: Valencia Commerce Center
Size: 405,000 square feet
Type of building: industrial
Developer: Newhall Land & Farming
Cost: not available
Status: Announced in fourth quarter
Project: Technology Park
Location: Valencia Commerce Center
Size: 110 acres
Type of building: industrial
Developer: Newhall Land & Farming
Cost: not available
Status: Announced in fourth quarter
Sources: CB Richard Ellis, Oltmans Construction Co., Cushman & Wakefield, Lee & Associates, Julien J. Studley Inc., individual developers
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WEB LINKS
Weblinks Commercial real estate sites in cyberspace.
https://www.tishmanintl.com: Developments of major commercial builder, including new Woodland Hills project.
https://www.lee-associates.com: Los Angeles broker. You can find Valley properties or use this for links to other real estate sites.
https://www.comspace.com/losangeles: Local listings of office and commercial space.
https://www.ramsey-shilling.com/:This brokerage is a specialist in health care and entertainment.
https://www.pikenet.com: National directory of commercial real estate.
https://www.mca.com/citywalk: Learn more about what’s at Universal’s CityWalk.
Sites subject to change.
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