Countrywide Signs 10-Year Lease in Valley Office Park

West Hills Corporate Village, a 560,000-square-foot office park at the site of a former Hughes Aircraft Co. research and development facility, has reached 100% occupancy with the signing of Countrywide Home Loans to a 10-year lease for 140,000 square feet. The transaction is valued at about $34 million, according to an announcement by the office park’s developers and owners, Beverly Hills-based Regent Properties Inc. and Burbank-based Shamrock Holdings of California.

Hughes closed the San Fernando Valley site in 1994 as part of the widespread downsizing in the aerospace industry following the end of the Cold War. Regent has converted the property into an office park for tenants that include IBM, Boeing and a number of other computer and technology-related firms. The project included renovation of 420,000 square feet of former Hughes office space and construction of a new, 140,000-square-foot building slated for completion later this month that will be occupied by Computer Associates.

The office park occupies 30 acres of what was once an 86-acre Hughes facility in West Hills. The park was developed through a public-private partnership that involved the efforts of the Los Angeles Mayor’s Business Team, the Valley Job Recovery Corp., Regent and Shamrock, according to the announcement.

Regent is a developer of commercial projects in California and Texas, while Shamrock, wholly owned by the Roy E. Disney family, is an investor in an array of holdings that include real estate, broadcasting and other investments.

Countrywide Home Loans is one of the nation’s leading originators and servicers of home loans and the principal subsidiary of Calabasas-based Countrywide Credit Industries Inc.

Countrywide Home Loans was represented in lease negotiations by Jim Travers and Steve Eyler of Travers Realty. The ownership group was represented by Mark T. Sullivan and David Kimball of Julien J. Studley Inc. and John Ollen of Insignia/ESG Inc.