Harkham Family Buys LA-Area Creative Office
JLL Capital Markets represented the company in the $35.1 million deal and secured acquisition financing.
2625 Townsgate. Image by JLL
The Harkham Family has acquired 2625 Townsgate, a 132,037-square-foot Class A creative office in Westlake Village, Calif., for $35.1 million. An entity linked to Lineage Family Office was the seller.
JLL Capital Markets represented the buyer in the transaction, and secured a $21.1 million, differentiated 10-year, fixed-rate acquisition loan provided by First Republic Bank, on behalf of the buyer.
Originally built in the 1970’s, the building at 2625 Townsgate was renovated in 2001. The office property also comprises 1,251 square feet of retail. According to CommercialEdge, tenants at 2625 Townsgate include Barrister Executive Suites, First Rate Financial Group and U.S. Bank. The property boasts floorplates of 45,594 square feet. A total of 534 parking spaces in a ratio of 4 spaces per 1,000 square feet are also available, according to the same data provider.
2625 Townsgate also caters to a growing tenant demand for life science space in the Conejo Valley, due to its proximity to Amgen and other pharmaceutical companies.
The property is less than a mile south of Interstate 101. Several shopping, dining and entertainment options are also available within a 1-mile radius.
The Los Angeles office market continues to see a substantial volume of investment sales, with the closing of nearly $1 billion in office transactions in the first quarter of 2022. While the metro’s traditional office-using employment is lagging, the entertainment industry continues to drive investment in several submarkets.
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