Newmark Grubb Knight Frank (NGKF) has assisted the nonprofit Reason Foundation in the purchase of a building in west Los Angeles to expand its operations and establish an independent headquarters. The libertarian think tank and publisher of Reason magazine purchased 5737 Mesmer Avenue, a 6,108-square-foot building on the city’s border with Playa Vista, for $2.4 million.
NGKF Managing Director Ron Burkhardt and Associate Cory Noonan represented Reason in securing the space, a two-story structure built in 1992 and substantially renovated in 2008. The foundation will occupy the entire building, and plans to add new HVAC systems and a soundstage.
“We secured a building with excellent bones and room to breathe for Reason Foundation,” said Mr. Burkhardt. “The organization was looking to expand without leaving the area, and we were pleased to uncover this opportunity.”
The foundation had leased a 4,451-square-foot office at the Sepulveda Center in west Los Angeles for the past 21 years.
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