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VALLEY BUSINESS

Host of Commercial Real Estate Projects Underway in Valley

Construction: Several big developments, including two at Warner Center, have broken ground, been completed or received approval.

January 18, 2000|BOB HOWARD | SPECIAL TO THE TIMES

The new 21st Century Industries headquarters building in Warner Center was completed and a host of other commercial real estate construction projects were started, completed or announced during the fourth quarter as the San Fernando Valley's construction boom continued.

The 21st Century Plaza, completed in December, is a 273,000-square-foot, 11-story office tower on Owensmouth Avenue, near Victory Boulevard, in Woodland Hills.

The $30-million project was constructed as a "build-to-suit" for 21st Century, which will occupy 172,500 square feet on six floors, said Arlene Pepp, leasing manager for the building's developer, Tishman International Cos. Pepp said the remaining 100,000 square feet, or four floors, is expected to be leased to other tenants.

Also in Warner Center, developer Lennar Partners of Irvine has announced plans for a 1.2-million-square-foot office complex, LNR Warner Center, at the northeast corner of Canoga Avenue and Burbank Boulevard. Construction will begin this month, according to John Sabourin, a Lee & Associates broker marketing the project.

The Warner Center projects were two among many office, industrial and retail projects that made news during the fourth quarter in the Valley. Other notable developments included $40 million worth of new leases at the Glendale Plaza office building.

The following list includes major commercial projects that either broke ground, were completed, obtained governmental approvals or were announced during the fourth quarter:

*

Project: 21st Century Plaza

Location: Owensmouth Avenue and Victory Boulevard, Woodland Hills

Size: 273,000 square feet

Type of building: office

Developer: Tishman International Cos.

Cost: $30 million

Status: Completed during fourth quarter

Project: LNR Warner Center

Location: Canoga Avenue and Burbank Boulevard

Size: 356,000-square-foot first phase, 1.2 million square feet total

Type of building: office

Developer: Lennar Partners

Cost: $70 million for the first phase

Status: Announced during fourth quarter; first phase construction slated to begin this month

Project: Corporate Pointe at West Hills

Location: 8533 Fallbrook Ave., Former Coast Savings headquarters

Size: 355,000 square feet

Type of building: office

Developer: Trammell Crow Co.

Cost: $55 million

Status: Renovations began during fourth quarter

Project: Empire Center Office Campus

Location: Southeast corner of Buena Vista Street and Empire Avenue, Burbank

Size: Up to 600,000 square feet in five buildings

Type of building: office

Developer: Zelman Development Co.

Cost: $100 million

Status: Announced during fourth quarter

Project: Speculative industrial building

Location: Lancaster Business Park, Fortune Way and Avenue K-15, Lancaster

Size: 61,121 square feet

Type of building: industrial

Developer: LANCO, a venture of Atkinson and Associates and Frazier Masonry Corp.

Cost: $3.4 million

Status: Announced in fourth quarter

Project: The Centre

Location: 8400 Balboa Blvd., Northridge, (former Harmon International Business Campus)

Size: 130,000 square feet

Type of building: office

Developer: Trammell Crow Co.

Cost: $20 million

Status: Demolition of old buildings completed in fourth quarter

Project: Glendale Plaza

Location: 655 N. Central Ave., Glendale

Size: 530,000 square feet

Type of building: office

Developer: PacTen Partners

Cost: $100 million

Status: Five new tenants signed $40 million in leases totaling 140,000 square feet.

Project: North Valley Industrial Center

Location: Sierra Highway and Division Street, Lancaster

Size: 61,280 square feet completed in two buildings; project to be 1 million square feet upon completion

Type of building: industrial

Developer: S&I Associates

Cost: $30 million upon build-out

Status: First two buildings completed in December; others scheduled to follow

Project: Newhall Business Park

Location: Smyth Drive, Valencia

Size: 85,250 square feet

Type of building: office and industrial

Developer: CW Equities

Cost: $12 million

Status: Announced during fourth quarter

Project: Ridgeview Business Park

Location: 28328-28350 Witherspoon Parkway and 29003 Avenue Sherman, Valencia

Size: 136,554 square feet in three buildings

Type of building: industrial

Developer: IIC Financial & Development

Cost: $11 million

Status: Construction began in fourth quarter

Project: Witherspoon Plaza

Location: 28410-28430 Witherspoon Parkway, Valencia

Size: 63,474 square feet

Type of building: industrial

Developer: IIC Financial & Development

Cost: $5.5 million

Status: Construction completed in fourth quarter

Project: Celis Industrial Park

Location: 600 block of Celis Avenue, San Fernando

Size: 20,000 square feet

Type of building: industrial

Developer: Bernards Bros. Investment Co.

Cost: $2 million

Status: Completed in fourth quarter

Project: Airport Plaza

Location: 2940 N. Hollywood Way, Burbank

Size: 160,000 square feet

Type of building: office

Developer: Trammell Crow Co.

Cost: $30 million

Status: Permit approvals obtained in fourth quarter

Project: Plaza del Valle

Location: Van Nuys Boulevard between Chase Street and Parthenia Avenue

Size: 197,000 square feet

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