Newmark has announced the sale of Conejo Corporate Campus, a 196,034-square-foot office campus located at 2380 and 2400 Conejo Spectrum Street in Thousand Oaks, CA.
The two-building property is 100 percent leased and serves as the headquarters for Sage Publications, a leading international provider of innovative content publishing, as well as Atara Biotherapeutics, an immunotherapy biotechnology company.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Sean Fulp, Senior Managing Director Scott Schumacher and Managing Director Ryan Plummer represented Harbor Associates and Blue Vista Capital in the $41.35 million sale to the buyer, Strategic Office Partners.
Harbor Associates acquired the campus through Newmark in early 2018. At that time the campus was 50 percent occupied. Harbor Associates negotiated an expansion with existing tenant Sage and signed a new lease with Atara to fully stabilize the project as well as completing various capital improvements to the tenant spaces and common areas.
“The Conejo Valley, and specifically Thousand Oaks, has experienced an explosion of new and expanding biotechnology firms in recent years significantly reducing the available options for quality office and biotech/R&D product,” said Shannon.
Atara also leases an adjacent 125,000-square-foot R&D building within the newly developed 531,000-square-foot, nine-building Conejo Spectrum Business Park. This property was developed by Sares Regis and recently sold to Rexford Industrial for just over $200 per square foot.
“A few years ago this area of Thousand Oaks was surrounded by raw, undeveloped land. Now these same land parcels have been developed or are being entitled for new construction transforming this area into a true in-fill location,” said Schumacher.
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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