ENCINO, CALIF. — Harbor Associates has purchased Encino Office Park, a transit-oriented office campus located at 6345 Balboa Blvd. in Encino. An undisclosed seller sold the property for $47.8 million.
The four-building property features 213,459 square feet of office space and is adjacent to the Balboa Station of the Orange Line transportation system that connects the property to Warner Center, Universal City and downtown Los Angeles. The property was 89 percent leased at the time of closing, and features 12-foot slab-to-slab ceiling heights and subterranean parking.
Harbor plans to renovate the property, which was built in two phases between 1988 and 1990. Renovations will include a new building entry, project lobbies, electric-vehicle charging stations, bike rooms, LED site lighting, and improvements to the corridors and restrooms. The vacant office space will be repositioned as modern speculative suites and feature a high-impact reception area, flooring upgrades, glass conference rooms, new paint, new carpet and the implementation of energy-efficient LED lighting to replace existing florescent lighting fixtures.
Anthony Delorenzo, Mark Shaffer, Todd Tydlaska and Mike Longo of CBRE represented the seller in the deal. Shaun Moothart, Bruce Francis, Dana Summers and Katie Diaz of CBRE arranged financing for the project through PNC Bank.