Newmark Completes $14.9 Million Sale of 98,841-Square-Foot Office Building in Thousand Oaks, California

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.

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. To learn more, visit nmrk.com or follow @newmark.

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