Former Lockheed Martin HQ in Calabasas Trades to Joint Venture

Newmark arranged the sale of 4500 Park Granada, a three-story, 222,667-square-foot Class A office building in Calabasas. Although Newmark did not disclose the sale price, L.A. Business First reported it as $69.4 million.

A Newmark team of 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.

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 and is currently 1005 leased to seven tenants.