The sale of 4500 Park Granada, a three-story, 222,667-square-foot Class A office building in Calabasas was facilitated by Newmark. While the exact sale price was not disclosed by Newmark, it was reported as $69.4 million by L.A. Business First.
Representing the seller Gemdale USA in this transaction were a team from Newmark including co-head of U.S. Capital Markets Kevin Shannon and vice chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm along with director Alex Beaton. The property was sold to a joint venture between Cross Ocean Partners and Palisade Group.
Throughout the sales process, market financing options were provided by another team from Newmark consisting of co-president Global Debt & Structured Finance Jonathan Firestone along with vice chairman Blake Thompson and director Henry Cassiday.
According to Shannon: “This multi-tenant office property is classified as Class A and offered our all-cash buyer an attractive mix of tenants with an average remaining lease term of nearly seven years at a significant discount compared to replacement cost.” He also noted that this prime location has high barriers for entry into the market.
Originally built as Lockheed Martin’s corporate headquarters before being used as Countrywide’s headquarters for almost two decades ,the property underwent extensive renovations recently making it highly desirable among potential buyers.The building is currently fully leased out to seven tenants.
In summary,the former Lockheed Martin HQ located in Calabasas has been successfully acquired through collaboration between Cross Ocean Partners,Palisade Group,and Gemdale USA who have entrusted their interests respectively under guidance from teams at both ends comprising members such as Kevin Shannon,Ken White,Mike Moll,Laura Stumm,Alex Beaton,Jonthan Firestone,Henry Cassiday,and Blake Thompson who have played crucial roles throughout various stages leading up-to its successful acquisition.This deal which saw its completion without any hitches has been reported by L.A. Business First to have cost $69.4 million and is believed to be a major milestone in the property’s history which was originally built as Lockheed Martin’s corporate headquarters before being used as Countrywide’s headquarters for almost two decades.
