Graymark Capital has acquired 120 Via Merida, a 99,000 square foot office building in Thousand Oaks, CA. The San Francisco-based company paid $17.75 million for the property and also secured $42 million in financing for the acquisition and speculative remodeling of a life sciences campus.
CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, a private equity firm, in the transaction and CBRE’s Greg Grant facilitated the financing. “Thousand Oaks is the heartbeat of life sciences in Los Angeles. The property is located at the entrance to the market and offers an ideal laboratory conversion due to its quality construction and campus layout,” commented Longo.
Gray Matter and architect BAM Creative will develop the conversion, which will consist of 60% lab-ready space with upgraded mechanical, electrical and plumbing. The property will also undergo exterior and site improvements to the power system, charging area, interior and exterior fixtures, roof and parking lot.
