Newmark Capital Markets has announced the sale of a 132,873-square-foot Class A office building located 30700 Russell Ranch Road in Westlake Village, CA.
Newmark Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Sean Fulp and Managing Director Brad Burton represented the undisclosed seller. The buyer, TH Real Estate, was self-represented.
“This property offered the buyer a high-quality, low-risk investment in a prime Los Angeles submarket that is supply constrained and has no new office development on the horizon,” said Fulp. “Westlake Village is a desirable community with great demographics and tremendous access to premier executive housing and an excellent school system.”
Built in 2000, the two-story 30700 Russell Ranch Road property is located on a 8.72-acre site, and is 91 percent leased by nine tenants including Realtor.com. It is near the 101 Freeway and all of Westlake Village’s premier amenities. The asset is within the Conejo Valley office market, which is comprised of Westlake Village, Thousand Oaks, Agoura Hills and Calabasas.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’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, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark 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 www.bgcpartners.com.