Rising Realty and Fortress sell Park Calabasas to Gemdale for $79M
Former Bank of America office was renovated for multiple tenants
Rising Realty has sold a 225,000-square-foot office campus in Calabasas for $79 million to Gemdale USA.
Park Calabasas spans more than 20 acres at 4500 Park Granada and is one of a few commercial properties in the largely residential city. Gemdale USA — a domestic subsidiary of China-based investor Gemdale Corp. — is retaining Rising to manage the property.
Rising and partner Fortress Investment Group bought the property in 2013 as part of a portfolio deal with outgoing owner-occupant Bank of America.
The property “was outdated” with a closed floor plan, said Rising Realty CEO Christopher Rising. The buyers renovated the property with open floor plans and for multiple tenants.
In 2019, Rising signed AmaWaterways and Republic Indemnity each to roughly 50,000-square-foot leases at the property.
The leases brought the property up to 92 percent occupancy together with existing leases to cosmetics company Coty, co-working firm Spaces and two other tenants. The property has 10 years of weighted average remaining lease term, according to Newmark’s Kevin Shannon, who along with Ken White, Rob Hannan and Laura Stern represented Rising and Fortress in the deal. Newmark’s David Milestone and Brett Green arranged acquisition financing for Gemdale.
Gemdale’s head of acquisitions, Tim Nguyen, said the property would see “further upgrades and tenanting,” according to the Business Journal.
[LABJ] — Dennis Lynch