A three-building portfolio is adding to the amount of available office space in the Greater Los Angeles area. According to a listing by CBRE, the Parthenia Portfolio has been placed on the market in Northridge with guidance set at $15.5 million, or about $250 per square foot.
The office portfolio is located at 16861, 16909 and 16921 Parthenia Street and consists of 62,084 square feet of office space on 2.2 acres. Currently, the property is owned by Los Angeles-based Woodland Group LLC, which acquired it in 2006, according to public records.
Currently, the office portfolio is 70 percent leased to 21 tenants with Pacific ADHC and the U.S. Immigration and Customs Enforcement as the two largest tenants. Pacific ADHC also recently signed a new 10-year lease for the entire building at 16861 Parthenia. Additionally, nine home hospice tenants account for approximately 21 percent of the portfolio and offer a high probability of renewal, according to CBRE. Overall, the average weighted lease term reaches 4.5 years.
The project is centrally located on Parthenia Street just off Balboa Boulevard, providing convenient access to the 405, 118 and 101 Freeways. The office portfolio is also within close proximity to The Mix, a 40-acre creative campus with tenants like Harman International, Amazon and Regal Medical.
Overall, the Northridge submarket has 102 office properties under 50,000 square feet totaling 1.2 million square feet with a low vacancy rate of 4.8 percent. This is compared to the Greater Los Angeles office market, which has observed a vacancy rate of 17.7 percent, according to CBRE.