Los Angeles– June 7, 2016 – CBRE Group, Inc. has arranged the sale of the newly constructed office building in the North Ranch Corporate Center for $9 million to Scheu Development. The 37,103 square-foot property is located in Westlake Village, California and adds to the four properties Scheu already owns at North Ranch Corporate Center.
CBRE’s Michael Slater, Tom Dwyer, Mark Perry and Carlene O’Neil represented the undisclosed seller and Mike Foxworthy from DAUM Commercial Real Estate Services represented Scheu, a real estate development company based in Simi Valley, California.
The three-story building, located at 4580 East Thousand Oaks Boulevard, has access to the 101 freeway and offers ample parking. The property, with views of the Santa Monica Mountains, is located in the affluent submarket of Conejo Valley.
Scheu is known for developing premier Class A office projects in the region, including The Ridge, a 72,000 square-foot, two-story office condominium project in Agoura Hills and Simi Valley Corporate Point, a 64,111 three-story building in Simi Valley.
“This building is an excellent asset, and it complements our existing holdings at North Ranch Corporate Center,” said President Mark Scheu. “We are committed to repositioning this asset to accommodate quality tenants in this dynamic market.”
“Office space is in high-demand in the Greater Los Angeles area, especially for properties such as North Ranch Corporate Center, due to its proximity to the freeway and amenity rich campus,” said CBRE’s Slater.
In the recently released CBRE 2016 Americas Investor Intentions survey, the Los Angeles metro area ranked number one. After a strong 2015, fundamentals in the overall Greater Los Angeles office market continue to improve. Office employment in the Greater Los Angeles market will reach its previous peak in the second quarter of this year while vacancy levels are expected to decline by another 60 basis points by the fourth quarter, according to CBRE Econometric Advisors.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
