Newmark Arranges $38.2M Sale of Westwood Land Parcel Near UCLA in Off-Market Transaction

Newmark has arranged the $38.2 million off-market sale of a 1.16-acre land parcel at 10918-10926 Le Conte Avenue in the Westwood submarket of Los Angeles, the firm announced March 4, 2026. The site includes a 9,647-square-foot office building and is located adjacent to UCLA and Ronald Reagan UCLA Medical Center.

Transaction Details

The seller, Le Conte Westwood Development, was represented by Newmark Executive Managing Director Ryan Plummer alongside WESTMAC Executive Vice Presidents Willa McNamarra Fields and Jim Burnap. The undisclosed buyer was co-represented by Newmark Executive Managing Director David Kluth and JLL Executive Vice President Aliya Coher. The transaction was conducted off-market, and the buyer's plans for development on the site are expected to be disclosed in the coming months.

Based on the existing 9,647-square-foot office building, the transaction implies a price of approximately $3,960 per square foot, though the deal is understood as a land acquisition intended for future redevelopment. No cap rate, loan amount, or financing terms were disclosed.

Location and Submarket Context

The property sits steps from the Westwood Village retail and dining corridor and offers direct access to the I-405 and I-10 freeways, providing connectivity across the Westside of Los Angeles.

"Westwood remains one of the most resilient and sought-after submarkets in Los Angeles, driven by its proximity to UCLA, affluent demographics and limited development opportunities," said Kluth.

Plummer described the transaction as a rare opportunity in a supply-constrained market. "An irreplaceable land site near UCLA in Westwood Village is a once-in-a-generation foothold in the heart of Los Angeles, where scarcity, walkability and enduring demand intersect," he said. "This core Los Angeles institution's presence in Westwood is poised to deliver lasting benefits to the entire surrounding community."

Coher added, "This prime parcel represents a rare chance to acquire land in a high-demand location, and we were pleased to represent the buyer in securing this strategic asset."

Development Outlook

The buyer has not yet disclosed the intended use or program for the site. The transaction was conducted off-market, and development plans are expected to be revealed in the coming months.

Newmark (Nasdaq: NMRK), which co-represented both sides of the transaction, reported revenues of nearly $3.3 billion for the twelve months ended December 31, 2025, and operates from approximately 175 offices with over 9,300 professionals across four continents.