Rising Realty Partners and Fortress Investment Group have sold the 222,524-square-foot low-rise creative office property, The Park Calabasas, in Calabasas, Calif., for $79 million. The sale represents Conejo Valley’s largest office trade since 2008.
The new owner is the China-based Gemdale Corp, through its U.S. subsidiary, Gemdale USA.
Park Calabasas was 92 percent occupied by six tenants, including coworking operator space. The asset features outdoor courtyards, new on-site amenities, landscaped gardens and executive parking.
