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Newmark Group Inc.

11/29/2021 | Press release | Distributed by Public on 11/30/2021 11:41

Newmark Arranges Sale of Repositioned Office Building in Los Angeles, California for $20 Million

Newmark Arranges Sale of Repositioned Office Building in Los Angeles, California for $20 Million

November 29th, 2021 9:00am
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November 29, 2021 9:00 AM

Newmark[1] announces it has arranged the sale of a recently repositioned vacant office building located at 10281 West Pico Boulevard in Los Angeles, California. The asset sold for $20.175 million.

Newmark Co-Head of U.S. Capital MarketsKevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Senior Associate Alex Beaton, along with Newmark Private Capital Group's Executive Managing Director Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, brokered the sale.

The buyer was a partnership between Amstar, a privately-owned real estate investment management company, and Harbor Associates. Acquisition financing was arranged by Newmark Vice Chairman David Milestone, Senior Managing Director Brett Green and Associate Director Henry Cassiday.

"Located immediately adjacent to Fox Studios and just east of Google's new campus, 10281 Pico has an ideal Westside location," said Hannan. "The property provides a desirable alternative to Century City's vertical inventory and allows a tenant, or tenants, with superb signage visibility and a customizable tenant experience."

Built in 1981, the property is a four-story, 36,252-square-foot project situated on the northwestern corner of Fox Hills Drive and West Pico Boulevard in Century City. The property, which includes a three-level secured parking garage, recently underwent a transformative repositioning featuring a fully redesigned exterior, complete with a new façade and glazing system as well as thoroughly upgraded building systems.

Located just off the 405 Freeway, the asset is within walking distance of the recently redeveloped Westfield Century City shopping center as well as two 18-hole golf courses (Rancho Park Golf Courses & Hillcrest Country Club).

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.