Equity Office Properties has selected NGKF Capital Markets to bring Los Angeles Corporate Center, a 164,007-square-foot office campus in Monterey Park, CA, to market for sale. Located at 1200 and 1255 Corporate Center Drive, the property is situated along major southern California corridors, such as the 710, 10 and 60 freeways with immediate access to the western San Gabriel Valley and greater East Los Angeles office markets.
Executive Managing Director Sean Fulp along with Senior Managing Director Brunson Howard and NGKF Capital Markets President, West Coast Capital Markets, Kevin Shannon are handling the investment opportunity.
Los Angeles Corporate Center was built from 1984 to 1986 and is situated on 11.9 acres of land. It comprises two office buildings: 1200 Corporate Center Drive, a three-story, Class A office building with large contiguous floor plates, and 1255 Corporate Center Drive, a four-story Class A office building with easily divisible floor plates.
The office campus is 98 percent occupied by a diverse roster of corporate, technology, public agency and small business offices. The largest tenant in 1200 Corporate Center is healthcare company SynerMed, while the largest tenant in 1255 Corporate Center is the County of Los Angeles Fire Department, occupying 47 percent of the building.
Located in Los Angeles County 10 miles east of Downtown, Monterey Park is part of a cluster of cities with a growing Asian American population, including Alhambra, Arcadia, Temple City, Rosemead, San Marino and the west San Gabriel Valley. With 50 percent of its residents being of Chinese descent, Monterey Park represents the largest concentration of Chinese Americans of any municipality in the United States.
“The Monterey Park location provides a unique opportunity to position this campus as a strategic investment for a local or foreign investor. Real estate is a local business and an investor who is embedded in the community will be able to position these properties in the best light possible,” said Fulp.
NGKF recently published a report citing the Top 10 Foreign Investors in Los Angeles Real Estate. The report placed Singapore at the top at $2.26 billion from May 2015 to April 2016. Canada followed at $1.56 billion with Qatar at $1.35 billion. “Downtown Los Angeles has experienced the greatest level of foreign investment in all of Southern California, and Monterey Park is pretty close. It’s less than six miles from Downtown, so it’s very likely that Monterey Park will directly benefit from the demand spillover as Downtown gets built out. We really think Monterey Park is positioned well to take advantage of these strong market conditions,” Fulp added.
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 12,800 professionals operate from more than 370 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/.