End of the century.

BentleyForbes has closed on the previously reported sale of 21st Century Plaza to J.P Morgan Flemming Asset Management for about $130 million, according to President and Chief Executive David W. Cobb.

The deal marks one of the largest of 2004 for the Warner Center in Woodland Hills, where the two 11-story towers account for 517,000 square feet of Class A office space. Both sides were represented by CB Richard Ellis Inc.

BentleyForbes is in the midst of selling off several of its key office and retail assets to "rebalance its portfolio," Cobb said. The firm is currently marketing two portfolios worth more than $500 million with properties across the U.S. One is composed of Class A office buildings and a second is made up of warehouse and industrial facilities.

Included in that "rebalancing" were several new hires, including Cobb. Most recently, the firm hired Michael Navarro to be its senior vice president of asset management. Navarro was hired away from Maguire Properties Group Inc., the publicly traded L.A.-based property owner, where he oversaw the management of 1.2 million square feet of office properties, new development and underwriting.

Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal.com.