Lee & Associates-LA North/Ventura Transacts 107,169-Square-Foot R &D Lease
Pepperdine University to occupy property on long-term lease
CALABASAS, CA – Feb. 3, 2016 – Pepperdine University has leased a 107,169-square-foot Class A R&D building at 26750 Agoura Road in Calabasas, CA to locate its administrative and other offices, according to Mike Tingus and Grant Fulkerson, principals of Lee & Associates-LA North/Ventura, who represented the lessor, Cypress Land Company, in the transaction.
“Pepperdine was initially interested in leasing temporary space to utilize for storage during the renovation of its law library,” Tingus said. “But this property was so close to its main Malibu campus and the building was so rich in amenities, school officials felt they couldn’t pass up the opportunity for a longer term transaction.”
The property had most recently been occupied by Spirent Communications Inc., a global leader in communications testing and measurement. Spirent last year relocated to the Liberty Canyon Technology Center in Calabasas in a transaction also executed by Tingus and Fulkerson.
“We fielded inquiries from other interested tenants during our marketing effort,” said Fulkerson, but Pepperdine brings a lot of cachet and, with a long term vision for occupying the building, they won the day.”
Calabasas City Manager Tony Coroalles added: “We are very happy that Pepperdine University chose Calabasas as the site for their new facility. This will be a long term benefit to our City and our residents.”
Pepperdine has leased the property for 10 years with multiple options. Additional terms of the transaction were not disclosed.
The university, which operates 73 degree programs across five schools in Malibu, West Los Angeles, Encino, Westlake Village and Silicon Valley, was represented by Cushman & Wakefield. The brokers, Jeffrey Welch and Lynn Williams, have since joined CBRE.
The building is widely considered to be the best R&D building in Calabasas and throughout the Conejo Valley market, Fulkerson said. It offers immediate access to the Ventura (101) Freeway and direct access to the Pacific Coast Highway and Malibu in a state-of-the-art facility with many amenities in walking distance.