Harbor Associates leases up then sells off its Thousand Oaks office park

The 200K sf office park is now fully leased to a publisher and biotech firm
By Gregory Cornfield | May 30, 2019 03:00PM

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Just a few months after Harbor Associates secured fresh lease deals on its office park in Thousand Oaks, the investment firm has sold the property for nearly twice what it paid.

Long Beach-based Harbor Associates and its partner, Blue Vista Capital, unloaded the campus for $41.4 million. to Strategic Office Partners. Harbor Associates acquired the campus in February 2018 for $22.9 million and converted it into a multi-tenant building. The recent sale was announced by Newmark Knight Frank, which represented the sellers.

The 196,000-square-foot Conejo Corporate Campus is located at 2380 and 2400 Conejo Spectrum Street in Thousand Oaks. The two-building property is fully leased.

SAGE Publications has offices there, as does Atara Biotherapeutics, an immunotherapy biotechnology company. In April, The Real Deal reported that Harbor Associates secured an expansion lease with SAGE — which already occupies the entire building at 2400 Conejo Spectrum Street — and a new lease with Atara. The deals combined for $16 million and nearly 100,000 square feet of space.

Kevin Shannon, NKF co-head of U.S. capital markets, said the Conejo Valley, and specifically Thousand Oaks, has experienced “an explosion of new and expanding biotechnology firms in recent years.”

Atara also leases an adjacent 125,000-square-foot research and development building within the new 531,000-square-foot, nine-building Conejo Spectrum Business Park. It was developed by Sares-Regis and recently sold to Rexford Industrial for just over $200 per square foot.

Harbor Associates also recently secured leases for two additional biotech and life-science companies for about 70,000 square feet at its property next door at 1525 and 1535 Rancho Conejo Boulevard. The firm also recently purchased a 20-year-old office park in Encino for $47.9 million. Blue Vista Capital also recently signed a biometrics firm, Gemalto Cogent Inc., to a $14-million lease at its Pasadena office building.