Westlake Village, Calif.-based Dole Food Co. has sold its corporate campus to the Conrad N. Hilton Foundation for $50 million.
The 10-acre site has been the headquarters for Dole for more than 20 years, and the company will continue to occupy a portion of the building, according to a news release.
The campus includes a three-story building, underground parking and “expansive greenspace,” per Los Angeles-based real estate firm CBRE, which represented Dole in the sale.
“One Dole Drive is a truly unique property,” CBRE vice president Mike Longo said in the release. “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.”
In a Securities and Exchange Commission filing last year, when the company considered going public again, Dole mentioned the possibility of selling its longtime headquarters, perhaps as part of a deal for the Dole Plantation attraction in Hawaii. The company ultimately elected not to go public.
This summer, Ireland-based Total Produce purchased a 45% stake in Dole for $300 million.