Graymark Buys Thousand Oaks Office for Life Sciences Conversion
Graymark Capital has acquired 120 Via Merida, a 99,000-square-foot office building in Thousand Oaks, CA. The San Francisco-based company paid $17.75 million for the property and also secured $42 million in financing for the acquisition and speculative conversion of a life sciences campus.
CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller in the transaction, a private equity firm and CBRE’s Greg Grant facilitated the financing. “Thousand Oaks is the heartbeat of Life Sciences in Los Angeles. The property sits at the entrance to the market and offers an ideal lab conversion due to its high-quality construction and campus layout,” commented Longo.
Gray Matter and architect BAM Creative will develop the conversion that will feature 60% lab-ready space with upgraded mechanical, electrical and plumbing. The property will also undergo exterior and site improvements to the power system, loading area, indoor/outdoor amenity areas, roof and parking lot.