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5/31/19
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Strategic Office Partners has acquired Conejo Corporate Campus, a 196k sf office campus in Thousand Oaks, for $41.35 mil ($211/sf). The property, located at 2380 and 2400 Conejo Spectrum St, was sold by Harbor Associates and Blue Vista Capital.
The two-building property is 100% leased and serves as the headquarters for Sage Publications, a leading international provider of innovative content publishing, as well as Atara Biotherapeutics, an immunotherapy biotechnology company.
Atara Biotherapeutics occupies the entire second floor while SAGE occupies the ground floor of the recently renovated property. After the prior tenant Amgen moved out in 2009, Harbor Associates, which purchased the property last February, converted the property into a multi-tenant complex. The renovation work included various capital improvements to the tenant spaces and common areas.
NKF Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Sean Fulp, Senior Managing Director Scott Schumacher and Managing Director Ryan Plummer represented the seller in the transaction.
“The Conejo Valley, and specifically Thousand Oaks, has experienced an explosion of new and expanding biotechnology firms in recent years significantly reducing the available options for quality office and biotech/R&D product,” said Shannon.
Atara also leases an adjacent 125k sf R&D building within the newly developed 531k sf, nine-building Conejo Spectrum Business Park. This property was developed by Sares Regis and recently sold to Rexford Industrial for just over $200 per square foot.
“A few years ago this area of Thousand Oaks was surrounded by raw, undeveloped land. Now these same land parcels have been developed or are being entitled for new construction transforming this area into a true in-fill location,” said Schumacher.
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