Newmark Completes Sale of Multi-Tenant Office Property in Cerritos, California

November 7, 2023 9:00 AM

Newmark[1] announces it has completed the sale of Plaza Tower, a nine-story, multi-tenant Class A office property located at 18000 Studebaker Road in Cerritos, California. The asset sold for an undisclosed amount.

Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Paul Jones, Ken White and Senior Managing Director Brandon White represented the undisclosed, institutional seller. The buyer was Logos Missions, Inc.

“Plaza Tower is an institutionally owned, Class A tower centrally located between Orange and Los Angeles County that provided an attractive basis and yield,” said Jones. “The building offered the buyer immediate occupancy of the current vacancy, as well as space to meet their future growth plans as existing leases expire.”

Developed in 1986 and renovated in 2015, the elevator-served office building totals 191,939 rentable square feet and was 84% leased at the time of sale to a diverse mix of tenants including The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University.

Plaza Tower is located in the Mid-Counties submarket, situated along the SR-605 Freeway, and provides convenient access to major freeways in the region, including the Interstates 5, 405 and 210 as well as SR-91.

[1] Dba Newmark Knight Frank in California

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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