Kearny Real Estate

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Warnerview Corporate Center

Kearny sold Warnerview Corporate Center in September 2003 for $9.8 million to Younan Properties after implementing an extensive renevation and repositioning program. By upgrading common and mechanical areas together with incorporating strategic operational changes, Kearny significantly enhanced the aesthetic and functional attributes of this project and increased the net operating income. Warnerview is a three story 60,000 square foot Class “A" office building located in the heart of Woodland Hills. Warnerview is directly across the street from amenity rich Warner Center, close to the Topanga Plaza and The Promenade Mall as well as other major Warner Center office complexes, restaurants, and service centers. Located less than one mile from the 101 Freeway, Warnerview is easily accessible from two of West San Fernando’s most recognizable streets, Topanga Canyon Boulevard and Oxnard Street. Kearny recognized not only the excellent location, but also the ample parking and comfortable floor plans, and purchased the building in April 2000 for $8.5 million. Kearny immediately completed a $500,000 rehabilitation program that included main and floor lobbies, corridors, restrooms, and elevator cab renovations. Kearny also brought the building to state-of-the-art status with mechanical and seismic upgrades. Operationally, Kearny made changes that resulted in a 20% reduction in operating expenses while enhancing tenant services with better property management policies and personnel. Recognizing the improvements, over 80% of the tenants have renewed their leases over the past two years. While making the physical and operational changes, Kearny has professionally marketed the project both externally and internally resulting in significant rent and NOI growth.