Newmark Facilitates Sale of Three-Story Office Building in Calabasas, California

February 3, 2025 9:00 AM

Newmark announces it has arranged the sale of 4500 Park Granada, a three-story Class A office building in Calabasas, California. The property sold for an undisclosed amount.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm and Director Alex Beaton represented the seller, Gemdale USA, in the sale to a joint venture between Cross Ocean Partners and Palisade Group. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday offered market financing alternatives throughout the sales process.

“This Class A multi-tenant office property offered our all-cash buyer a strong tenant mix with nearly seven years of average remaining lease term, a major discount to replacement cost and prior peak cap rates, all in a superb area with significant barriers to entry,” said Shannon.

Moll added, “The sale generated significant interest from a combination of institutional and private capital, demonstrating the increased liquidity and demand we are seeing for office product, particularly for Class A properties like 4500 Park Granada.”

The property, encompassing 222,667 square feet, is situated on a 20-acre site featuring expansive courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the property operated as a single-tenant campus for nearly 20 years. Recently, the building underwent an extensive renovation, incorporating environmental, social and governance enhancements to improve efficiency and sustainability.

The property was fully leased at the time of sale to seven tenants across diverse industries, including consumer goods (44%), insurance (30%), hospitality (14%), co-working (8%) and financial services (3%).

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 twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.