Newmark has completed the $21.6 million sale of The Knox, a two-building, 108,368-square-foot office park in Torrance, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White and Managing Director Michael Moore represented the seller, Ruth Group. The buyer, Wilshire Capital Investments, was self-represented.
Located at 680 and 690 Knox Street, The Knox is situated on 4.9 acres and is 98 percent occupied by Midmark, City of Los Angeles, CH Robinson and Allied Digital. The property was originally built in 1984 and underwent a major renovation to transform into creative office space in 2016. Amenities include a complete common area and renovations were done to create a creative style campus.
“The Knox is a stabilized asset that is attractive to capital with its recent creative reposition. Creative office rents in this market are about 20 percent higher than traditional office space, and the Torrance submarket is significantly more economical than other nearby locations such as El Segundo,” said Shannon. “The per square foot difference between the El Segundo and Torrance submarkets has never been greater, and capital is recognizing that.”
The Knox is located in Harbor Technology Center Business Park, a fully developed, 70-acre master-planned office project. The business park is experiencing a major transformation as a number of landlords seek to attract stronger rents by renovating their buildings to appeal to creative users. The property offers immediate access to the 405 and 110 freeway interchange and is within three more of the 91 and 105 freeways.
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; capital markets services, including investment sales, debt placement, valuation and advisory 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.
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.