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Colliers is pleased to present the opportunity to acquire the fee simple interest in 15545 Devonshire (the “Property”), a 35,642-square-foot, multi-tenant office building located in the highly supply-constrained Mission Hills neighborhood of Los Angeles. Situated on a high-profile 0.87-acre corner parcel adjacent to the I-405, the Property offers strong visibility and direct access to the greater San Fernando Valley, Downtown Los Angeles, and the Westside.
The Property is currently 87% leased to a diverse roster of 19 tenants, primarily comprising of professional services, healthcare-adjacent users, and support service firms. With contractual cash flow in place and multiple near-term expirations, new ownership has the opportunity to drive NOI growth through strategic lease-up and the continued execution of tenant renewals, supported by an average tenancy duration exceeding 10 years and a historically sticky tenant base.
Mission Hills is one of the most stable office markets in the San Fernando Valley, with a current vacancy rate of just 5.7% and virtually no new office deliveries in over a decade. Asking rents in this submarket have increased by more than 15% since early 2023, outpacing other Valley submarkets and underscoring the area’s durability amid broader market headwinds.
Strategically located at the convergence of the I-5, I-405, and CA-118 freeways, the Property offers unmatched regional connectivity and access to a deep labor pool. As tenants in the area continue to favor suburban, well-parked assets with visibility and convenience, 15545 Devonshire Street is ideally positioned to deliver stable in-place cash flow and long-term upside in one of Los Angeles’ most consistently performing office corridors.
