Newmark announces it has arranged the $13.5 million sale of Concourse Tech Park, a 110,148-square-foot office, research and development (“R&D”) building in San Jose, CA.
Newmark’s Vice Chairman and Head of Capital Markets Northern California Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Seth McKinnon and Associate Directors Darren Hollak and Jack Phipps represented the private, family seller as well as the buyer, Overton Moore Properties.
“Concourse Tech Park is ideally located within proximity to some of the world’s most prominent technology companies and within direct access to the 680 and 880 Freeways as well as the recently completed Milpitas BART station,” said Najera.
“We are delighted about the Concourse Drive acquisition. This is our second value-add opportunity in the Bay Area this year,” noted Will McPhee, Associate with Overton Moore Properties. “It was great working with the NKF team on a very smooth acquisition.”
Located at 1953-1965 Concourse Drive, the highly flexible property is currently 10 percent leased providing a significant value-add opportunity with a leasing upside. Boasting impressive clear heights, two loading docks, eight at-grade roll-up doors, substantial power and ample parking, Concourse Tech Park can appeal to a wide set of users. Additionally, the property is situated just two miles from Milpitas’ Great Mall as well as an abundance of other retail amenities and housing communities.
While leasing activity has been subdued during the pandemic, capital markets interest is still high, according to Newmark Research. Companies are ready to invest in the Silicon Valley for the long term. As the economy begins to recover, the Silicon Valley area is anticipated to recover faster than other urban markets.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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