The property’s buyer is Pasadena-headquartered Gemdale USA, the subsidiary of China-based Gemdale Corp., which has retained Rising to manage the property.
Located at 4500 Park Granada, the property was acquired by Rising in 2013 as part of a portfolio from Bank of America. The company transformed it from a vacant single-tenant alignment into the multi-tenant campus, which currently stands more than 90 percent leased.
New tenants since the renovation include river cruise line AmaWaterways, which as its headquarters on the premises; Coty, a multinational beauty company; co-working entity Spaces; and worker’s compensation insurance agency Republic Indemnity.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan and Senior Managing Director Laura Stumm represented sellers Rising Realty Partners and Fortress Investment Group. Newmark’s Vice Chairman David Milestone and Senior Managing Director Brett Green secured the acquisition financing on behalf of buyer Gemdale USA.
“With over 10 years of weighted average remaining lease term, The Park Calabasas is another example of investors flocking to office assets with long term tenants,” Shannon said in a statement. “Since the onset of the pandemic, we have seen a notable increase in foreign capital, like Gemdale, along with family office and 1031 exchange capital buying office assets to fill the void of diminished institutional demand for the asset class.”
“Retaining Rising to manage the property made perfect sense. We believe with further upgrades and tenanting, the property will establish itself as the premier office destination in the surrounding submarket,” said Tim Nguyen, head of acquisitions at Gemdale.
Added Chief Executive Christopher Rising: “When we acquired this campus, it was outdated with a floor plan for a financial company — a very closed office. Our team had a bigger vision for this campus to give it life and make an impact through property improvements and programming. This campus was a proof point that our impact strategy model works in urban settings as well as suburban office parks.”