Newmark has completed the $33 million sale of 640 North Sepulveda, a two-story, 46,000-square-foot office building in Los Angeles. Newmark Private Capital Group’s Sean Fulp, Ryan Plummer and Mark Schuessler represented the seller, Vectra Management Group. The undisclosed buyer was represented by Newmark’s David Kluth and Aliya Coyer.
The 35-year-old building was renovated in 2019, and features nearly 12,000-square-feet of outdoor work and recreation space, including a courtyard, patio, BBQ area, basketball court, fire pit and lounge area.
“640 North Sepulveda offers a creative-office work environment and also offers unparalleled outdoor amenities,” said Fulp in a news release. Added Plummer, “At just 27% occupied with significant leasing activity, the asset provided the perfect opportunity for an owner/user to benefit from the in-place income while also putting its own signature on the building.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.