NGKF Capital Markets has completed the sale of Los Angeles Corporate Center, a four-building office campus located in Monterey Park, CA. The buildings are located at 900, 1000, 1200, and 1255 Corporate Center Drive. Sean Fulp, Kevin Shannon, Ken White and Brunson Howard of NGKF Capital Markets represented the seller Equity Office Properties (EOP) in the transaction. The buyer was Beverly Hills-based Omninet Capital, LLC.
The four buildings encompass a total of 394,524 square feet of class A office space. The property is currently 95 percent occupied with major tenants that include State of California, Los Angeles County, State Compensation Insurance Fund, Synermed and AT&T. The property is situated on 11.9 acres and is centrally located along the 710, 10 and 60 freeways, which allows for immediate access to the western San Gabriel Valley and greater east Los Angeles office markets.
“It’s difficult to find larger investment opportunities within Los Angeles and especially with the utility and functionality that Los Angeles Corporate Center provides. Having multiple buildings and a diverse tenant mix so close to Downtown LA is going to allow Omninet to be more flexible than many other property owners,” said Fulp.
“EOP did a great job stabilizing the four office building campus with a high quality tenant base and now Omninet will enjoy a reliable cash flow stream for quite some time. This was a very successful transaction for both sides,” added Shannon, who serves as president, West Coast Capital Markets for NGKF.
“Corporate Center Drive is a niche market that garners a lot of interest from tenants needing to be within close proximity of Downtown LA. This demand improves the strength of our cash flows and will allow us a great deal of flexibility in placing tenants of different sizes,” said Michael Danielpour, partner, Omninet Capital. “Understanding the local market characteristics were key for us to realize what we perceive will be near-term and long-term intrinsic value.”
According to NGKF, first quarter 2017 market data underscores Omninet’s view of the LA market. The firm reported that the greater Los Angeles office market closed first quarter of 2017 with a 14 percent vacancy rate. Leasing market fundamentals were healthy via a low unemployment rate, net absorption gains for 15 consecutive quarters and annual asking rent growth of 3.5 percent.
Los Angeles Corporate Center is uniquely positioned in the market and is one of the few properties able to accommodate both large corporate tenants in need of contiguous blocks of space and smaller office tenants without loss in efficiency.
About Omninet Capital
Omninet Capital is a full service boutique real estate firm with holdings in excess of 10 million square feet of commercial assets throughout the United States. For more information, contact Michael Danielpour at firstname.lastname@example.org.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.