A three-building office complex in Los Angeles’ Toluca Lake has recently hit the market with an asking price of $19.59 million, or approximately $332.02 per square foot. Totaling 60,087 square feet, the building is partially occupied by the current owner, with potential sales-leaseback options, an offering memorandum obtained by The Registry showed.
According to the offering memorandum, the property consists of three buildings located at 4142-4146 & 4153 Lankershim Boulevard on 1.27 acres of land. The office building at 4144 Lankershim currently has an asking price of $5.75 million, while the remaining properties are for sale together with a $13.95 million asking price. Public records show that the current owner, an entity associated with 1754 Building LLC last acquired the properties in 2016 for $13 million.
The buildings were initially built from 1977 to 1987, and were remodeled in 2008 and again in 2015. According to the property listing, the complex currently features private creative suites, conference space, new roofing and HVAC in some of the buildings, a surface parking lot with 149 spaces and more.
In addition to the current owner, the property is partially occupied by Lankershim Cellular, which pays approximately $3,367.64 per month in rent. The lease is set to run until November of 2025, with five five-year extension options. According to the offering memorandum, past tenants of the building include BBC America, Bento Box Entertainment, Pivotal Post, Pacific Post and American Ninja Warrior.
Located along Lankershim near both Interstates 101 and 170, the property is in close proximity to nearby neighborhoods North Hollywood and Universal City. The location puts the property nearby various retail and entertainment, including Warner Brothers Studio, Universal Studios Hollywood, Disney Studios, Burbank Studios and NBC Universal.
Neighboring properties for sale include the 104,000 square-foot commercial office building at 3450 Cahuenga Boulevard, with an asking price of $39 million; the 32,990 square-foot property at 4343 Lankershim Boulevard, which is for sale for $11.4 million; and the 74,013 square-foot office building at 4640 Lankershim Boulevard for $30 million.
In general, the affluent neighborhood is home to a small population of less than 9,000 people. According to the offering memorandum, the area is home to many celebrities, with a median home price of $1.073 million.
“Tucked in between Burbank and Studio City in the city of Los Angeles, Toluca Lake has long been a favorite of celebrities who choose it for its location close to the major studios, its quaint, tree-lined ‘Mayberry-esque’ streets and the privacy offered to those who live along the lake itself where the priciest homes are located,” the offering memorandum states. “Through the years this community of 8,563 has been home to Frank Sinatra, Bob Hope, Miley Cyrus, Viola Davis, Steve Carell, Eurythmics musician Dave Stewart and numerous production executives who work at nearby Disney, Warner Bros., Universal and CBS studios.”
The property is being listed by Lee & Associates, which did not respond in time to comment on this story.
