Strategic Office Partners Sells LA-Area Asset

The other office building within the Conejo Corporate Campus was retained by the seller. Image courtesy of CommercialEdge

Strategic Office Partners, an investment platform founded by TPG Real Estate and Gramercy Property Trust, has sold 2400 Conejo Spectrum, a 98,841-square-foot office building in Thousand Oaks, Calif. County of Ventura purchased the asset for $14.9 million. A Newmark team represented the seller.

The property is part of Conejo Corporate Campus, a two-building, 196,034-square-foot office park. In 2019, the seller acquired the complex for $41.4 million, CommercialEdge data shows. Harbor Associates and Blue Vista Capital were the previous owners.

Dating back to 2001, the Class B suburban office building will house the county’s Fire Department administrative headquarters. The two-story asset features 16-foot ceiling heights and a parking ratio of four spaces per 1,000 square feet.

Located at 2400 Conejo Spectrum St., the property is some 2 miles from a host of dining and retail options, including Ventu Park Shopping Center. Los Angeles International Airport is 48 miles away, while downtown Los Angeles is some 47 miles southeast.

The Newmark team included Co-Head of U.S. Capital Markets Kevin Shannon and Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll.

LA sees largest office deal volume in the country

According to a recent Los Angeles market update based on CommercialEdge data, the metro saw some 7.5 million square feet of office space changing hands year-to-date through October, amounting to $1.86 billion. In the first 10 months of the year, L.A. registered the highest transaction volume in the nation, trailed by gateway cities, such as Manhattan ($1.71 billion), Boston ($1.48 billion) and Washington, D.C. ($1.42 billion).

One of the largest office transaction in the market was Waterbridge Capital’s acquisition of Union Bank Plaza, a 675,945-square-foot building that changed hands for $104 million.