May 20, 2021 9:00 AM
Newmark announces it has arranged a long-term ground lease of Emeryville Bioscience Center. Located at 1650 65th Street in Emeryville, the 127,818-square-foot building is fully vacant, providing the immediate ability to convert and deliver lab space in a severely supply constrained market. Emeryville Bioscience Center is primed for quick lease-up execution with life science conversion plans already in-place and base building work already underway.
Newmark’s Head of Northern California Capital Markets Steven Golubchik, Senior Managing Director Jonathan Schaefler, Director Darren Hollak, and Associate Director Jack Phipps represented the seller, PSAI Realty Partners, in the transaction to the buyer, Longfellow Real Estate Partners.
“Emeryville Bioscience Center presents the exceedingly rare opportunity to acquire a blank slate life science conversion with the immediate ability to provide lab space to a severely supply constrained market,” said Golubchik.
Emeryville Bioscience Center features many desirable attributes for a life science conversion, such as 20’ clear heights, 60’ x 60’ column spacing, 6,000 amps of power and a flexible floor plan that can cater to various lease-up scenarios. In addition, the property is currently undergoing an extensive base build upgrade which includes a glass-roofed atrium, an improved exterior façade and a new main lobby.
Located in the heart of Emeryville’s rapidly growing life science cluster, Emeryville Bioscience Center offers direct access to the East Bay’s institutional life science drivers. According to Newmark Research, Emeryville continues to grow as a premier life science cluster with more than 150 companies in the biotech field, making it one of the highest concentrations in California.
With current tenant demand of 448,000 square feet across 18 requirements, Emeryville has become one of the most desired locations for Bay Area life science tenants according to Newmark Research. The growing supply and demand imbalance in Emeryville are putting significant upward pressure on rents as tenants compete for limited available product. Life science rents in Emeryville have experienced recent growth with current asking rents breaking through the $6.00 NNN threshold, putting it as one of the top leasing markets in the Bay Area.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), 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, we bring 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 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark 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’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.