(According to sources with knowledge of the transaction, the property sold for $25 million, or about $192 per square foot.)
Newmark announces it has arranged the sale of Calabasas Courtyard, a three-building office project located in North Los Angeles in the Calabasas submarket. The asset sold for an undisclosed amount.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll and Director Alex Beaton represented the seller, AEW Capital Management. The buyer was Calabasas Courtyard LLC, comprised of industry veterans Brian Forster of Pacific Partners Commercial, Inc. and Tony Principe of Westcord Commercial, Inc., along with private investor, John Cataldo.
The buyer intends to upgrade and modernize the common areas of the three buildings as well as the individual suites to further enhance the strong features and amenities of the buildings, which include high ceilings, floor to ceiling glass, abundant parking and lush landscape.
“The acquisition of Calabasas Courtyard is yet another example of private capital identifying an attractive entry-point basis in a highly desirable office market like Calabasas,” commented Shannon. “This property’s strategic location, just off the 101 Freeway, and nestled within one of the nation’s most esteemed zip codes, positions it as the quintessential office destination.”
“Calabasas Courtyard provides excellent future opportunities, with its three distinct buildings enabling the new owner to explore a versatile multi-parceling scenario or utilizing the six-acre site for a multitude of options,” added Hannan.
The property, located at 5000 Parkway Calabasas, is comprised of 129,789 rentable square feet and was 68% leased at the time of sale to a diverse mix of corporate office users. The property is situated directly across the 101 Freeway from Caruso’s renowned retail project, The Commons, providing tenants with proximate access to a wide array of dining, shopping and entertainment options.
Beaton concluded, “Testament to this property’s enduring success in the submarket, it has averaged more than 90% occupancy over the last ten years, including some with cumulative lease commitments of more than 20 years. Calabasas Courtyard provides a very complimentary fit for the typical 3,000-square-foot tenant proliferating the submarket.”
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world.
