December 12, 2023 9:00 AM
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the undisclosed seller. The buyer was the County of Ventura, which will utilize the building for its Fire Department administrative headquarters.
“The sale of 2400 Conejo Spectrum to the County of Ventura, Fire Department exemplifies a growing trend of owner-users capitalizing on pricing dislocation in the market,” said Stumm. “The Ventura County Fire Department is an ideal user for this asset, which has historically served as a headquarters corporate address.”
The property is centrally located within the Conejo Spectrum submarket, an established innovation node that caters to life science, flex and light-industrial users. Anchored by the 2.9-million-square-foot Amgen Global Headquarters, this micro-market is home to many of the region’s most successful tenants including Atara Biotherapeutics, Shire Pharmaceuticals, Forage Genetics and Amazon, among others.
Built in 2001, the property features over 16’ ceiling heights and a 100-pound live load capacity on the second story. Sitting on a 5.35-acre lot, the property also offers a 4:1,000 SF parking ratio with easy truck ingress-egress. 2400 Conejo Spectrum was initially developed as a two-building office campus with 2380 Conejo Spectrum, which will be retained by the seller.
The Conejo Valley submarket maintains an industrial vacancy rate of 2.0% with a continued increase in rental rates, according to Newmark Research. The submarket has benefitted from strong life science demand from incubators Westlake Bio Partners and Amgen, including four recent acquisitions by Alexandria Real Estate within blocks of the asset.
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. 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.