{"id":1004745562,"date":"2025-02-04T02:47:22","date_gmt":"2025-02-04T10:47:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004745562"},"modified":"2025-02-04T06:15:33","modified_gmt":"2025-02-04T14:15:33","slug":"cross-ocean-jv-buys-la-asset-for-69m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/","title":{"rendered":"Cross Ocean JV Buys LA Asset for $69M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004745564\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/4500-park-granada\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"4500 Park Granada\" data-image-description=\"&lt;p&gt;Exterior shot of 4500 Park Granada, a three-story office building with white and beige fa\u00e7ade and a brown roof. The low-rise is surrounded by greenery.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The new ownership plans to further upgrade the 1986-completed building. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\" alt=\"Exterior shot of 4500 Park Granada, a three-story office building with white and beige facade and a brown roof. The low-rise is surrounded by greenery.\" class=\"wp-image-1004745564\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The new ownership plans to further upgrade the 1986-completed building. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture between Cross Ocean Partners and Palisade Group has acquired 4500 Park Granada, a 222,667-square-foot office building in Calabasas, Calif. Gemdale USA sold the fully-leased asset for $69.4 million or about $312 per square foot, in a deal brokered by Newmark.<\/p>\n\n\n\n<p>The property previously changed hands in 2021 for $79 million when it was acquired from Rising Realty Partners, according to CommercialEdge information. The asset currently traded at a 12 percent discount compared to its last sale price.<\/p>\n\n\n\n<p>The three-story building sits on a 20-acre site located less than a mile from downtown Calabasas. Downtown Los Angeles is some 27 miles away, while the Los Angeles International Airport is 30 miles southeast.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/strong-deals-and-high-prices-keep-la-among-top-office-markets\/\">Strong Deals and High Prices Keep LA Among Top Office Markets<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Completed in 1986, the property also known as The Park Calabasas underwent cosmetic renovations in 2019. Initially, the low-rise served as the corporate headquarters of Lockheed Martin and later as headquarters for Countrywide, operating as a single-tenant building for nearly 20 years. It now houses seven tenants across various industries.<\/p>\n\n\n\n<p>The building features floorplates ranging between 16,670 and 93,170 square feet, six passenger elevators and almost 700 parking spaces. Amenities include an on-site cafeteria and jogging trail, as well as an open space for corporate events and outdoor meetings.<\/p>\n\n\n\n<p>The Newmark team representing the seller included Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Michael Moll and Laura Stumm, along with Director Alex Beaton.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-los-angeles-office-sector-remains-steady\">Los Angeles office sector remains steady<\/h2>\n\n\n\n<p>Greater Los Angeles\u2019 <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\">office investment volume<\/a> in the fourth quarter of 2024 reached $870 million, according to a CBRE market report. Additionally, the metro\u2019s overall vacancy rate as of December clocked in at 23.9 percent.<\/p>\n\n\n\n<p>At the end of last year, Los Angeles County acquired <a href=\"https:\/\/www.commercialsearch.com\/news\/downtown-la-tower-trades-for-200m\/\">The Gas Company Tower<\/a>, a 1.3 million-square-foot office building in the city\u2019s downtown, for $200 million. Wilmington Trust sold the asset after having foreclosed in September on a $350 million CMBS loan.<\/p>\n\n\n\n<p>Another notable deal in the area was&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/drawbridge-realty-pays-185m-for-universal-music-hq\/\">Drawbridge Realty\u2019s $185 million purchase<\/a> of Arboretum Gateway, a 225,773-square-foot building in Santa Monica, Calif. Clarion Partners sold the property, which is 100 percent triple-net leased to Universal Music Group.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property traded at a discount compared to its previous sale price.<\/p>\n","protected":false},"author":3355,"featured_media":1004745564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[48530,50999],"class_list":["post-1004745562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-gemdale-properties-investment-corporation","tag-newmark"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cross Ocean JV Buys LA Asset for $69M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Cross Ocean Partners and Palisade Group paid $69.4 million for 4500 Park Granada, a fully leased office building in Calabasas, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cross Ocean JV Buys LA Asset for $69M\" \/>\n<meta property=\"og:description\" content=\"Cross Ocean Partners and Palisade Group paid $69.4 million for 4500 Park Granada, a fully leased office building in Calabasas, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-04T10:47:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-04T14:15:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/\",\"name\":\"Cross Ocean JV Buys LA Asset for $69M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\",\"datePublished\":\"2025-02-04T10:47:22+00:00\",\"dateModified\":\"2025-02-04T14:15:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Cross Ocean Partners and Palisade Group paid $69.4 million for 4500 Park Granada, a fully leased office building in Calabasas, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cross-ocean-jv-buys-la-asset-for-69m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/4500-Park-Granada.jpg\",\"width\":640,\"height\":480,\"caption\":\"The new ownership plans to further upgrade the 1986-completed building. 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