Gemdale USA Sells Calabasas Office Building for $69.4M
'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,' said Kevin Shannon, Newmark co-head of U.S. capital markets, in a statement.
Gemdale USA, a subsidiary of China-based Gemdale Corp., acquired the property in 2021 from Rising Realty Partners for $79 million. It was originally developed as a corporate headquarters facility for Lockheed Martin and later served as the headquarters for Countrywide. Rising Realty acquired it in 2013 and converted it into a multi-tenant property with expansive courtyards and landscaped gardens.
'4500 Park Granada is a rare opportunity to acquire a Class A office campus in a market with significant barriers to entry at a deeply discounted basis,' said Terence Kim, managing director for Cross Ocean, in a statement.
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