Dealmaker: Newmark Knight Frank Arranges $55M Office Portfolio Sale

Newmark Knight Frank, New York, brokered $55 million for a suburban office portfolio in Westlake Village, Calif.

The 256,600-square-foot portfolio includes assets at 2801 and 2815 Townsgate Road and a two-building campus at 100 and 200 N. Westlake Boulevard.

NKF Executive Managing Director Sean Fulp and Co-Head of Capital Markets Kevin Shannon worked with Executive Managing Director Ken White, Managing Director Ryan Plummer and Directors Mark Schuessler and Ryan Tetrault to represent seller Topa Equities Ltd., Los Angeles. Buyer Omninet Capital, Beverly Hills, Calif., represented itself in the transaction.

Fulp noted both buyer and seller are sophisticated private family offices. “’[This] further validates the narrative that a majority of the sales taking place right now involve noninstitutional investors,” he said. “Private investors will likely continue to control the market until there is greater clarity with regard to COVID-19 and the effect it is going to have on the economy and real estate.”

Bank of America anchors 2801 and 2815 Townsgate Road and 100 and 200 Westlake Boulevard are currently leased to Morgan Stanley and 14 other tenants ranging from 1,078 square feet to 20,435 square feet. Both properties are near U.S. Highway 101, giving access to the Conejo Valley and greater Los Angeles area.

“This is the fourth acquisition of this size we have completed in the past 90 days and we continue to be very active,” said Omninet Capital Managing Partner Michael Danielpour. “Our goal is to purchase another $250 million of commercial assets by the end of this year.”

NKF Research said the Conejo Valley office market has an “affluent and well-educated” labor pool and includes both executive and workforce housing. “Biotechnology, software, insurance and other service industries are major driving forces in the area’s economy,” it said.