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Newmark Knight Frank Completes $7.2 Million LA Office Sale

Los Angeles, CA (07/29/2019)

12:00 PM

Newmark Knight Frank (NKF) has announced the completion of a $7.2 million sale of a vacant office located at 8741 Alden Drive in Los Angeles. The unique 5,101-square-foot asset was positioned for a variety of uses including medical, office, retail, and restaurant.

NKF's Senior Managing Directors Steven Salas and Daniel Chiprut represented the seller, a local family office, to the buyer, an undisclosed owner user who will use the space for new medical office.

Built in 1947, 8741 Alden is a unique stand-alone bow-truss building with great curb appeal. It is positioned in the Robertson Blvd shopping corridor and adjacent to Cedars-Sinai Medical Center.

The property was home to Chaya Restaurant for more than 30 years. Recognized as a landmark location during the 80s, 90s and into the early 2000s, Chaya was host to the local celebrity crowd for cocktails and dinner offering French / Japanese cuisine. The Tsunoda family created this Los Angeles flagship and ultimately expanded with other concepts in Los Angeles. Since the closing of Chaya, the property struggled to find another restaurant operator to fill the space.

"We saw an opportunity to market this unique building and location to a wide range of users and ultimately sold the property to a local doctor for his medical practice," said Salas.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group 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. Except as required by law, Newmark Group 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 Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307