A large office property is back on the market after it last traded in 2021. According to a listing for the property from Newmark, Park Calabasas, a 222,667 square foot office building in Calabasas is up for sale.
Pricing guidance for the asset, which is located at 4500 Park Granada, has been pegged at $82 million, or around $368 per square foot. Public property records show that Park Calabasas last traded in 2021 for $79 million, or about $355 per square foot, when Pasadena-based investment firm Gemdale USA acquired it.
The 20-acre property is 99 percent leased with six tenants in diverse industries, including consumer goods, insurance, hospitality, coworking and financial services, according to marketing documents. The overall weighted average lease term exceeds seven years.
The property features outdoor courtyards, landscaped gardens and parking below grade. Additional features include indoor/outdoor work environments and Wi-Fi connectivity throughout, allowing tenants to work from various outdoor areas. The office campus also recently underwent a $15.9 million capital renovation.
Originally developed as a Lockheed Martin corporate headquarters and later serving as the Countrywide headquarters, the Park Calabasas has transitioned into a multi-tenanted creative office campus after its recent renovation.
The property is at the entrance of the Conejo Valley, within the Western portion of the San Fernando Valley in an amenity-rich environment, award-winning schools, skilled workforce and employment opportunities. The city has an average household income exceeding $227,000 annually. Convenient access to the 101 freeway and Mulholland Highway provides a link to the San Fernando Valley, the Westside of Los Angeles and Malibu as well.
