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Gemdale Lists Calabasas office campus for $82M
Price is slightly more than 2021 purchase, but a stretch in the current market
Gemdale USA, the domestic arm of China-based investment firm Gemdale Corporation, is looking to offload an office campus in Calabasas for just $3 million more than it bought it for in 2021.
The firm has listed Park Calabasas, located at 4500 Park Granada, for $82 million, or roughly $364 per square foot, according to Real Estate Alert. Newmark has the listing.
Gemdale bought the 225,000-square-foot office campus for $79 million in 2021 from Rising Realty and its partner, Fortress Investment Group. Gemdale USA did not respond to a request for comment.
It purchased the building using a $55 million loan from Athene Annuity and Life Company, records show.
Rising and Fortress made a pretty penny off the sale — the duo bought the building for $38 million in 2013 as part of a larger portfolio acquisition.
And when the two sold it off in 2021, the property was 92 percent leased, mostly to cosmetics company Coty and co-working firm Spaces.
But according to online listings for the property, the building is currently 75 percent occupied, with about 60,000 square feet up for grabs.
Though many office owners have put their buildings up for sale, few have shared pricing guidance. Gemdale’s listing is one of a handful that have suggested the building’s value has not creeped up much, if anything, over the last three years.
If the property sells at $82 million, it would trade at a higher price-per-square-foot than many recent deals across Los Angeles.
In the last few months, Kennedy Wilson sold 400 and 450 North Brand Boulevard in Glendale for $136 per square foot; Carolwood bought the AON Center, a Downtown L.A. office tower, for about $134 a square foot, and; Harbor Associates bought 1640 South Sepulveda Boulevard in Westwood for $271 a foot.