Lee & Associates-LA North/Ventura Transacts 57,200 SF Office Lease in Ventura County
Transaction, believed to be the largest lease signed in Ventura County in 2015, brings building to full occupancy one year after it was acquired by Younan Properties
LOS ANGELES –March 25, 2015 –Lee & Associates-LA North/Ventura transacted a 57,200-square-foot office lease believed to be the largest lease signed in Ventura County this year, according to Mark T. Leonard, senior vice president and principal, who represented the lessor, Younan Properties, Inc. (YPI) with Lee vice presidents Cory Richmond and Jared Smits.
The office space, at Younan Executive Center, 2900 Madera Road in Simi Valley, CA, was leased to the Human Services Agency of Ventura County.
“The County originally looked at our building, but ruled it out because Simi Valley Transit doesn’t service the area and access to public transportation was one of their must-haves,” said Leonard. “We did not want to miss this opportunity, especially since the Simi Valley office market has a vacancy rate upwards of 18 percent to 20 percent, so we came up with a unique solution, and we suggested that Younan Properties provide a private bus service to run from the last stop on the Madera Road line to the 2900 Madera. We already had a superior building with competitive economics, so once we were able to add transportation we clinched the deal.”
The transaction brings the “Class A” office building to full occupancy just one year after it was acquired by YPI fully vacant.
Additional terms of the deal were not released.
“This is a significant, long-term lease with a major tenant, and we are extremely excited to serve Ventura County Human Services and ensure that their tenancy will be both productive and enjoyable,” said Zaya Younan, YPI chairman and CEO. “We acquired 2900 Madera just last year with zero occupancy. The building had been completely vacant for four years. We were able to add value quickly and turn a vacant office building into a fully leased asset in a very short time,” he added.
The lease meets the County agency’s goal of consolidating a number of departments under one roof, according to HSA Director Barry L. Zimmerman.
“This lease enables us to bring together 150 employees in a highly professional environment that promotes team work, productivity and quality service to our customers,” Zimmerman said.
HSA was represented in-house by Keith Filegar, manager of real estate services division, Ventura County.
Younan Executive Center is a two-story, 63,305-square-foot “Class A” office building. Visitors are welcomed as they step into a dramatic entry with a soaring two-story lobby complete with high-end finishes. The building sits on 6.3 acres of park-like campus and is professionally landscaped with mature trees and bushes. The property has immediate access off the Ronald Reagan (118) Freeway.