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The Conejo Corporate Campus, which long ago housed biotech giant Amgen, has sold for $22.9M.
A JV of Harbor Associates LLC and Blue Vista Capital Management acquired the two-building, 198,478 SF office campus in Thousand Oaks from the Cusumano family.
Built in 2001, the 11.36-acre property served as a campus for Amgen for 10 years before the biotech company moved to a different headquarters nearby.
Harbor Associates principal Paul Miszkowicz said Harbor plans to reposition the Conejo Corporate Campus into a Class-A multi-tenant office property. The property is 55% leased to two tenants.
Thousand Oaks has growing demand for office space, he said.
“We’re bullish because the building has very high quality improvements,” Miszkowicz wrote in an email.
Miszkowicz wrote Amgen took care of the property, investing over $140/SF. The buildings feature plenty of meeting and conference rooms, grand lobbies, a landscaped outdoor plaza and Venetian-styled walls.
“The seller was marketing the asset for large 50K-plus SF tenants,” Miszkowicz wrote. “We own the ‘Think Here’ project in the submarket and have seen strong demand for well appointed office from tenants in the 8K - 25K SF range so we’ll be reorienting the building to better cater to the demand we’ve seen in the submarket.”
Harbor plans to reconfigure the Conejo Corporate Campus to accommodate tenants ranging from 8K to 100K SF. The renovation will include a multicolor paint scheme, drought-tolerant landscaping upgrades and tenant signage.
In addition, Harbor is building a 11K SF suite that will showcase modern finishes and an open-plan layout.
The Conejo Corporate Campus increases Harbor's office presence to 350K SF of office space in Thousand Oaks. In 2016, Harbor purchased the 160,771 SF Think Here office and research and development campus.
Newmark Knight Frank’s Kevin Shannon and Scott Schumacher represented the seller.
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