CALABASAS, CALIF. — Gemdale USA has completed the disposition of 4500 Park Granada, a three-story Class A office building in Calabasas, to a joint venture between Cross Ocean Partners and Palisade Group for an undisclosed price. Situated on 20 acres, the 222,667-square-foot property offers courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the asset operated as a single-tenant campus for nearly 20 years. Recently, the building underwent an extensive renovation to improve efficiency and sustainability, as well as conversion to a multi-tenant office building. At the time of sale, 4500 Park Granada was fully leased to seven tenants across diverse industries, including consumer goods (44 percent), insurance (30 percent), hospitality (14 percent), coworking (8 percent) and financial services (3 percent). Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Alex Beaton of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance offered market financing guidance during the sale.
