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Newmark Facilitates $150.7 Million Sale of Trophy Creative Campus in Playa Vista, California
Transaction Marks Highest Sale Price in Los Angeles Year-to-Date1 LOS ANGELES, June 4, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or
About this update from Newmark Group, Inc.
[{"type":"text","content":"Transaction Marks Highest Sale Price in Los Angeles Year-to-Date1\nLOS ANGELES, June 4, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the Company has facilitated the $150.7 million sale of i|o at Playa Vista, a 306,809 square-foot creative workplace campus in Playa Vista, California. \n\n \n \n \n \n \n \n\n \nNewmark Co-Head of U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the seller, Clarion Partners. Newmark Co-President, Global Debt & Structured Finance Jonathan Firestone, Vice Chairman Blake Thompson and Director Henry Cassiday provided support on debt strategy and financing considerations throughout the transaction process. The buyer was Barings.\n\"The response from institutional investors for i|o at Playa Vista was exceptionally strong — a clear sign that institutional capital is re-engaging in the office sector,\" said Shannon. \"The managed bid process was highly competitive which speaks to a broader sense of recovery in the capital markets for quality office product.\"\n\"Buyers embraced i|o's rollover profile, which included significant near-term expirations,\" added Stumm. \"The willingness of institutional investors to take on leasing uncertainty is a clear vote of confidence in both the Playa Vista submarket and the broader office recovery. The market continues to reward high-quality assets, and this sale reinforces that trend.\"\nThe two-building, mixed-use i|o campus has attracted 78,000 square feet of new leasing over the past 24 months at market-leading rates, demonstrating its tenant appeal in a flight-to-quality leasing environment. The property, delivered in 2010 and completely redesigned by Gensler in 2016, has maintained an average occupancy level of over 90% since it was redesigned.\nThe campus provides a compelling, collaborative indoor/outdoor workplace wrapped in a distinct architectural language that includes exterior stairways, large amenitized decks and abundant space amidst a serene interior landscaped courtyard. The property benefits from its central location that offers immediate access to the I-405 and Marina (SR 90) Freeways an...