Locals Make a Deal on The Valley’s Warner Center
Real estate partners housed in the business park itself have recently become their own landlords.
While so many commercial buildings in downtown L.A. are being snapped up by outsiders — real estate investors based everywhere from New York to Singapore — one of the busiest business complexes in the San Fernando Valley has just been sold to one of its own.
The Warner Center Corporate Park in Woodland Hills has recently been purchased for an estimated $80 million by current park residents Adler Real Estate Investments, Inc. and LLJ Ventures. The partners are now the proud owners of one of the Los Angeles area’s largest “urban” developments, although it has more of a bucolic suburban feel.
This is partially because the Warner Center encompasses a substantial amount of green space and parking, distinguishing it from both Century City and downtown L.A. Among the current tenants are All State Insurance, Girl Scouts of America and SD Entertainment.
The center was built in the 1980s, with developers hoping it would become the Valley’s version of Century City. It currently contains 12 buildings on 26 acres, and another nearby office property, totaling 6.7 million square feet of office space.
Those who are new to Los Angeles and heading North West on the 101 can’t miss the signs for the Warner Center, and find themselves wondering if it has anything to do with the Warner Bros entertainment behemoth. The answer is it does … or it did. The area that was once vast ranch land is named for one of its original owners, movie mogul Harry Warner of the Warner Bros.
The development was conceived as a live/work area so San Fernando Valley residents wouldn’t have to drive down through the canyons to do their jobs. In addition to office space, the Warner Center area has many retail and residential buildings, the latter mostly apartments and condos.
And it’s zoned for an additional 37 million square feet of business and residential buildings by 2035, although the new owners told the Los Angeles Times there are no immediate plans for additional development.
As is, the Warner Center area has become a target destination for dining, shopping, working and enjoying the many community events held frequently in the nearby park.