Dole Sells Headquarters to Hilton Foundation for $50 Million
WESTLAKE, CA - Dole Food Company has reportedly decided to part ways with its headquarters—at least ownership of its headquarters. The company has reportedly sold its 168,00-square-foot home, located at One Dole Drive in Westlake Village, California, to the Conrad N. Hilton Foundation for $50 million.
According to a report by the Commercial Observer, One Dole Drive has served as Dole’s home base for more than 20 years. The Hilton Foundation was previously a short-term tenant at the property, and the organization will also continue to own and operate a LEED platinum-certified property just two miles away from the Westlake campus.
Dole will continue to occupy a portion of the campus, presumably as a tenant of the Hilton Foundation.
An unnamed spokesperson for Dole confirmed the sale to the Commercial Observer, stating: “we are very happy the building will be in good hands moving forward.”
Dole’s representative in the transaction, CBRE, issued a statement on the transaction.
“One Dole Drive is a truly unique property,” Mike Longo, CBRE’s Vice President, said. “There is nothing like it in the entire market. Dole Foods has been a great contributor and employer in the City of Westlake. It’s exciting to see that this property will be handed-off to such a distinguished family with an exceptional philanthropic mission.”
No reports have been forthcoming about Dole’s relocation plans—nor its plans to reinvest the proceeds of the sale.