Princess floats plan to sublease Valencia offices 

Princess Cruises 24305. 012324 Dan Watson/The Signal

Pending vacancy would represent about 10% of all SCV office space

The commercial real estate firm Savills plc is representing Princess Cruises in a planned sublease of nearly 300,000 square feet of commercial office space in Valencia, according to a listing obtained by The Signal.  

A copy of the advertisement lists 24200 Magic Mountain Parkway (107,173 square feet), 24300 (31,800 square feet), 24303 (60,031 square feet) and 24305 (90,617) on Town Center Drive as being available. 

A graphic from the Savills listing. Courtesy
A graphic from the Savills listing. Courtesy

The pending vacancy, 288,000 square feet, represents about 10% of the total commercial office space in the Santa Clarita Valley, according to the SCV Economic Development Corp. The organization reported in January the local real estate market currently has a little over 2.85 million square feet of commercial office space, with a vacancy rate of 21.43% in the most recent data available. 

A phone call and email to the Princess Cruises’ communications department were not immediately returned to answer questions about what, if any, impact a sublease might have on local operations. 

Princess Cruises is owned by Carnival Corp., which is headquartered in Miami. 

The company is considered the Santa Clarita Valley’s sixth-largest employer, with slightly more than 1,300 employees reported to the SCV EDC, which tracks such information, at last count. 

A Santa Clarita official was not immediately available Tuesday afternoon to discuss how the potential change could impact the city’s Town Center Specific Area Plan, which is a master plan the city is working on in response to the recent sale of a number of properties previously known as the Westfield Valencia Town Center. 

A Dallas-based commercial real estate company, Centennial, announced it purchased the mall property, which does not include the buildings that Princess Cruises occupied, in September. The buildings are adjacent to the mall and within the area covered by the plan.  

City officials announced last week that planners expected to bring the city’s plan for the area to its Planning Commission in April for its review. 

An agent representing the listing, Andy Lustgarten of Savills, declined to comment when reached by phone Tuesday regarding the listing.  

Savills is an international real estate services company based in London. 

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