Newmark Capital Markets has completed the sale of Westlake Gardens, located at 2535 and 2555 Townsgate Road in Thousand Oaks. The two-building, three-story office property, encompassing 94,241 square feet, is located within the prestigious Westlake Village submarket.
Newmark Capital Markets Executive Managing Directors Sean Fulp and Robert Griffith represented the seller. The buyer is a partnership between Johnston Group and Majestic Asset Management. Majestic has been actively pursuing investment opportunities with approximately $300 million of transactions conducted over the past 24 months.
Westlake Gardens was completed in 1999. It is currently 94 percent leased to 25 tenants ranging from 1,000 to 17,000 square feet. The property benefits from a diversified tenant base including financial, real estate and technology services among others. With limited class A availability in Westlake Village for small and mid-sized tenants, the property enjoys a high retention rate.
“I fully expect the property to outperform other properties in the market due to its high-quality construction, parking, proximity to amenities and the functional tenant suites,” said Fulp. “Most tenants will renew because of these attributes, but when vacancy does come, the costs to re-tenant the space should be low.”
“This sale further demonstrates the continuing strength of the suburban office sale market throughout Southern California,” added Griffith.
Westlake Gardens benefits from a central location with abundant amenities including high-end retail, restaurants, country clubs and hotels.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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