Newmark: arranges sale of repositioned office building in Los Angeles, California for $ 20 million


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November 29, 2021 9:00 AM

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

Newmark Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Senior Partner Alex Beaton, as well as Newmark Private Capital Group Executive Managing Director Sean Fulp and general managers Ryan Plummer and Mark Schuessler negotiated the sale.

The buyer was a partnership between Amstar, a private real estate investment management firm, and Harbor Associates. Funding for the acquisition was arranged by Newmark Vice President David Milestone, Senior Managing Director Brett Green and Managing Partner Henry Cassiday.

“Located right next to Fox Studios and just east of the new Google Campus, 10281 Pico has an ideal location in the Westside,” Hannan said. “The property provides a desirable alternative to Century City’s vertical inventory and allows one or more tenants to have superb signage visibility and a customizable tenant experience. ”

Built in 1981, the property is a 36,252 square foot four story project located on the northwest corner of Fox Hills Drive and West Pico Boulevard in Century City. The property, which includes a secure three-level parking garage, recently underwent a transformative repositioning with a completely redesigned exterior, complete with a new facade and new glazing system as well as completely improved building systems.

Located just off Highway 405, the asset is within walking distance of the newly 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), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full suite of services and products are uniquely tailored to suit every client, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.5 billion for the twelve months ending September 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.

Discussion of forward-looking statements about Newmark
Statements contained 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 forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes 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 forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.


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