July 23, 2021 10:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Westlake Park Place, a premier five-building office campus in Westlake Village, CA, for $80.8 million. Newmark Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White and Senior Managing Director Laura Stumm represented the seller, Invesco Real Estate. The buyer was a partnership between Amstar and Searles Property Group.
“Westlake Park Place represents one of the elite office environments in the Conejo region,” commented Shannon. “The property experienced tremendous momentum over the last 16 months, executing new or renewed leases for almost 30% of its net rentable area. This tremendous leasing momentum post-COVID-19 was attractive to potential investors.”
Delivered in 2008, Westlake Park Place is among the newest office developments along the 101 Corridor, adjacent to Westlake Commons and Caruso’s Promenade at Westlake, and is generally regarded as one of the premier assets in the entire Conejo Valley. The project, sitting on more than 13 acres, comprises 239,003 rentable square feet and is approximately 85% leased to a diverse mix of tenants, headlined by multiple prominent wealth management advisors.
Westlake Park Place offers an expansive outdoor courtyard, on-site tenant amenities and 840 parking spaces. The property also enjoys unparalleled walkable access to the tremendous array of retail amenities directly across Townsgate Road. With existing corridors, Westlake Park Place caters to a wide range of tenant sizes, providing a flexible leasing advantage with the ability to accommodate a wide range of tenant demands.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.