The Pasadena subsidiary of a China-based corporation purchased a Calabasas office campus for $79 million, the real estate firm handling the transaction announced last week.
Gemdale USA acquired the 222,524-square-foot, low-rise campus at 4500 Park Granada in what commercial real estate firm Newmark Knight Frank described as the “Cornejo Valley’s largest office trade since 2008.”
Even through the pandemic, foreign investment interest has remained strong, Newmark Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon said in a prepared statement.
“With over 10 years of weighted average remaining lease term, The Park Calabasas is another example of investors flocking to office assets with long-term tenants,” he said. “Since the onset of the pandemic, we have seen a notable increase in foreign capital, like Gemdale, along with family office and 1031 exchange capital, buying office assets to fill the void of diminished institutional demand for the asset class.”
The facility was originally built as a corporate headquarters for Lockheed Martin and later became the headquarters for Countrywide Financial, according to Newmark.
“The Park Calabasas had been utilized as a single-tenant campus for nearly 20 years,” the company said in a statement.
“Following the recently completed, $12 million extensive capital renovation by Rising Realty and Fortress Investment Group, this corporate facility has been elevated to a true trophy, multi-tenanted, creative office campus,” the statement said.