Newmark has announced it has completed the leasehold interest sale of Brentwood Gateway a 10-story, 104,716-square-foot Class A office property in Los Angeles’ Brentwood submarket.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Ken White, Executive Managing Director Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, a family trust. The undisclosed buyer was self-represented.
Built in 1977 and located on .88 acres at 11611 San Vicente Blvd., the property features ample parking in its four-level parking structure and is 99 percent occupied by a diverse mix of tenants. For the past 20 years, it has been the headquarters of Vintage Capital Group, a real estate and private equity firm founded by real estate legend Fred Sands, and prior to that the headquarters of Fred Sands Realtors. It boasts the highest-image and best-located multi-tenant office property in the Brentwood submarket and offers ocean, city and mountain views from every floor. Brentwood Gateway is also near the 405 freeway, housing, and a number of employee-friendly amenities.
“This trophy Brentwood location offered spectacular views and attracted significant investor interest,” said Shannon. “The new ownership plans to enhance value through a targeted repositioning and reimagining of the building.”
“Brentwood along with the entire Westside submarket is extremely supply constrained and due to high barriers to entry for redevelopment projects, Class A office assets are very competitive for users seeking a high-profile address,” said White. “Brentwood Gateway, with strong remaining term on its ground lease, in concert with pent-up demand for this type of rare Brentwood space, was attractive to the buyer who saw the potential for rent and asset appreciation for the repositioned asset.”
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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