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March 20, 2018
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Former Amgen Corp HQ in Thousand Oaks Trades in $23 Mil Transaction


A joint venture between Harbor Associates LLC and Blue Vista Capital Management has acquired Conejo Corporate Campus, a 198.5k sf office campus in Thousand Oaks, in a recent deal said to be worth about $23 mil. The two-building property was formerly the corporate headquarters for Amgen for over 10 years.

Conejo Corporate Campus sits on over 11 acres and is currently 55% leased to tenants. It is one of the newest and most highly improved office projects in the submarket. The project was built in 2001 and occupied by Amgen through 2011. Amgen invested over $140 PSF in above standard tenant improvements.

The high-end buildout includes numerous meeting and conference rooms, grand lobbies, a landscaped outdoor plaza, high speed fiber, Venetian plastered walls, and is fully furnished with Herman Miller. The project has 14-foot slab-to-slab ceiling heights and offers 4:1000 parking. The buildings have unobstructed mountain views to the east along with efficient and easily divisible floorplates.

Harbor plans to re-position the project into a Class A, multi-tenant office property with cutting-edge meeting and conference rooms onsite. While the asset’s high-quality improvements have been well maintained, the current single tenant layout is not geared towards the 5k sf to 25k sf segment of the market.

Harbor will proactively demise suites and re-engineer the building to accommodate tenants ranging in size from 8k sf to 100k sf. The campus renovation plans include a new multi-color paint scheme, drought tolerant landscaping upgrades, and new project and tenant signage. In addition, Harbor plans on building an 11k sf spec suite that will showcase modern finishes and an open-plan layout.

Conejo Corporate Campus is located immediately adjacent to the 160.8k sf ‘Think Here’ office and R&D campus that Harbor acquired in December 2016 and increases Harbor’s portfolio to over 350k sf in the submarket. The project marks the tenth value-add office acquisition for Harbor in the last three years. The acquisition expands Harbor’s Southern California portfolio to 13 buildings stretching from Thousand Oaks, Century City, Orange County, and down to San Diego.

Kevin Shannon and Scott Schumacher of Newmark Knight Frank represented the seller in the transaction. The lender is a subsidiary of Granite Point Mortgage Trust Inc, which is externally managed by Pine River Capital Management L.P.

Paul Miszkowicz, Principal for Harbor, noted, “Through our ownership of the adjacent ‘Think Here’ Campus we experienced strong tenant demand for differentiated and well-appointed office space, particularly for tenants in the 8k sf – 25k sf range. We think there’s unmet demand in this space and look forward to executing on our multi-tenant lease-up strategy.”

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