The 12-story building is home to numerous medical and professional tenants.
Maxxam acquired the 1.3-acre ground lease at 16311 Ventura Blvd from Ayton Investment Company and a family trust based in Texas. Gilbert & Associates owns the 12-story, Class A office building, known as the Ventura Libbit Building. Maxxam has no immediate plans to acquire the building. “[This stretch] of Ventura Boulevard is one of the most sought after spots in the San Fernando Valley office market,” said Colliers’ Jacob Mumper, who
was not involved in the transaction. “This property in particular is one of the few buildings not owned by Douglas Emmett, which controls over 50 percent of the Class A products on Ventura Boulevard.” In September 2016, Douglas Emmett sold the office building at 14724 Ventura Blvd to Sandstone Properties for $56.7 million ($338 per square foot). Office deals on Ventura commonly exceed $300 a foot according to Mumper.