Gemdale, one of China’s largest real estate developers, has bought into an office campus in Agoura Hills.
Gemdale’s U.S. division teamed up with Harbor Associates to buy a 114,000-square-foot complex at 30401 Agoura Road for $29.7 million, after Harbor’s previous partner on the property divested, according to a Wednesday announcement.
In January 2020, Harbor Associates teamed up with Kansas City-based investment firm Platform Ventures to buy the office park from Blackstone for $21.95 million, records show.
Platform Ventures is now exiting the investment “after meeting its business plan,” Harbor Associates said in its release.
Harbor Associates, which focuses on value-add office properties, has already converted part of the property into lab space.
Gemdale’s new financing — made through a second value-add fund — will be used to renovate the property to add amenities for life science and biotech tenants. The six-acre property also includes parking for 193 vehicles.
Around 94 percent of the property is currently leased, according to Harbor Associates. For the remaining space, the companies will target biotechnology and life science companies that have opened offices in the Conejo Valley which takes in Thousand Oaks and other areas along the Los Angeles County-Ventura County line. Amgen, Takeda Pharmaceuticals and Allergan all have a substantial presence in the area.
Gemdale has been buying and selling in Los Angeles in recent months. In October, the company bought an office property in Hollywood leased to Netflix up for sale for $90 million. The property eventually sold in February for $93 million.