Gemdale USA sold the office building at 4500 Park Granada in Calabasas to a joint venture between Cross Ocean Partners and Palisade Group for $69.4 million, or $312 per square foot. Palisade was founded by three former EQ Office executives (EQ Office was investment giant Blackstone’s U.S. office platform). The 222,667-square-foot property was fully leased at the time of sale to seven tenants. Gemdale USA was represented by Newmark in the sale.
“This Class A multi-tenant office property offered our all-cash buyer a strong tenant mix with nearly seven years of average remaining lease term,” said Kevin Shannon, Newmark co-head of U.S. capital markets, in a statement.
Gemdale USA, a subsidiary of China-based Gemdale Corp., acquired the property in 2021 from Rising Realty Partners for $79 million. It was originally developed as a corporate headquarters facility for Lockheed Martin and later served as the headquarters for Countrywide. Rising Realty acquired it in 2013 and converted it into a multi-tenant property with expansive courtyards and landscaped gardens.
“4500 Park Granada is a rare opportunity to acquire a Class A office campus in a market with significant barriers to entry at a deeply discounted basis,” said Terence Kim, managing director for Cross Ocean, in a statement.