(EDITOR’S NOTE: According to industry sources, the property sold for $10 million, or about $369 per square foot. Public records show that the property last sold in 2016 for $11.15 million, or about $411 per square foot.)
Los Angeles, CA — Newmark announces it has arranged the sale of 5995 Sepulveda, a vacant 27,090-square-foot office building located in Culver City, California. The asset sold for an undisclosed amount.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll and Executive Managing Directors Steve Kolsky and Greg Frankovich represented the undisclosed seller in the sale to a private investor, who purchased the asset for occupancy.
“The sale of 5995 Sepulveda to a user exemplifies a growing trend of owner-user acquisitions in the market,” said Stumm. “The buyer, who will be moving its headquarters to the building, was drawn to the asset’s central westside location, freeway adjacency and improved interiors.”
5995 Sepulveda is a newly renovated, best-in-class creative office project with custom interiors, a column-free layout and unique 12,000 square-foot floor plates. The property features a landscaped outdoor seating area and 24/7 onsite security and access control.
The property’s direct adjacency to the I-405 presents excellent signage, visible to over 316,000+ vehicles per day. Additionally, the property is situated across the street from Westfield Culver City shopping center, providing tenants access to an abundance of retail amenities and restaurants.
Culver City has cemented itself as the epicenter of technology and media growth in Los Angeles.
Dominant industries which have driven activity on the Westside, namely tech and media, are still active in the submarket but have somewhat pulled back on expansion in the last few months.
Culver City has emerged as a core city of Silicon Beach in recent years, according to Newmark Research. A revitalized downtown and Expo Line connectivity to Santa Monica and Downtown Los Angeles favor the city with notable space committals include Apple (+/-934,000 SF), Amazon (710,000 SF) and HBO (240,000 SF).
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle.
Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world.
