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Newmark Facilitates $150.7 Million Sale of Trophy Creative Campus in Playa Vista, California

News Provided by PR Newswire2025-06-04

Newmark Facilitates $150.7 Million Sale of Trophy Creative Campus in Playa Vista, California

[04-June-2025]

Transaction Marks Highest Sale Price in Los Angeles Year-to-Date¹

LOS 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.

Newmark 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.

"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."

"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."

The 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.

The 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 and the main arterials of the Pacific Coast Highway, La Cienega and LAX, as well as an abundance of amenities and the Westside's desirable executive housing.

Trophy buildings in prime locations like Playa Vista are outperforming other asset classes, fueled by strong demand for high-end design and amenities that attract companies eager to bring workers back to the office, according to Newmark Research.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

¹ According to Newmark Research