Optimus Properties, LLC, a privately held real estate investment company, has purchased Tarzana Tower, a Class A office/medical building at 18321 Ventura Boulevard in Tarzana, California, for $22,000,000. Kidder Mathews commercial real estate investment broker, Janet Neman, represented Optimus Properties in the transaction.
The asset is a 10-story, multi-tenant office/medical building located on the iconic Ventura Boulevard in the San Fernando Valley. The building is situated on over an acre of land and consists of 84,780 rentable square feet. It is centrally located in an upscale residential market and nearby major Los Angeles freeways and employment centers. Additionally, this is the tallest building in the area with high identity visibility, making it a rare acquisition opportunity in a supply-constrained office market.
The Tarzana Tower is advantageously located adjacent to the Providence Tarzana Medical Center, which has partnered with Cedars Sinai. These two major healthcare organizations are currently undergoing a $540 million expansion and renovation, which is scheduled to be completed by 2022. This project will establish the Providence Cedars-Sinai Tarzana Medical Center as the leading medical facility in the San Fernando Valley.
“This was an off-market deal with significant value-add potential,” said Neman. “Approximately 37,000 square feet of the building is permitted for medical use, and my clients plan to reposition this asset. The partnership of Providence and Cedars-Sinai will expand healthcare in the San Fernando Valley, and Tarzana Tower will be ideally positioned to accommodate the area’s medical users,” she said.
Janet Neman is an executive vice president and shareholder with Kidder Mathews. She specializes in the analysis, marketing, and sales of commercial investment properties, representing both buyers and sellers in multifamily, land development, office, and retail properties; she also has significant expertise in the sale of portfolios. Neman has been in the commercial real estate industry for over 30 years, and in that time, she has sold more than $1.5 billion in assets.
Neman is a top-ranking broker and has received industry recognition and awards including Women of Influence Hall of Fame and SoCal’s Most Powerful Women in Commercial Real Estate by the Real Estate Forum, NAR National Commercial Award from the National Association of Realtors, Women of Achievement award from the Century City Chamber of Commerce, Women of Diversity at the Comerica Bank & the Los Angeles Lakers’ Best of LA Women’s Business Award, Broker of the Year by the Los Angeles Business Journal, and she was awarded finalist at the 2017 Los Angeles Business Journal Women’s Summit, celebrating dynamic women in Los Angeles.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 55 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.