August 2, 2021 3:00 PM
Newmark¹ announces it has completed the sale of
HQ @ First, a 603,666-square-foot headquarters campus located at 110, 120, 130 Holger Way in San Jose, California. The Class A campus is 100% leased to a global technology company.
Newmark Vice Chairman and Head of Northern California Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction. The seller was Mori Trust Co., Ltd., a Japan-based major real estate developer. KKR, a leading global investment firm, purchased the property through its KKR Real Estate Select Trust fund.
“HQ @ First benefited from incredibly liquid financing markets and robust demand from both domestic and global capital sources,” said Golubchik.
The best-in-class corporate campus features a two-story lobby, all-hands conference rooms, a fitness center and a 300+ seat cafeteria space. The buildings have benefitted from substantial tenant investments, including modern office finishes with both open and personal desk areas in addition to over 60,000 square feet of lab space.
HQ @ First is situated in North San Jose, the heart of Silicon Valley, and is surrounded by many of the world’s most recognizable companies. The property presents freeway visibility, walkable access to abundant retail amenities and proximity to public and vehicular transportation.
The North San Jose single-tenant Class A office market comprises nearly three million square feet and anchored by some of the most prominent technology companies and financial institutions around the globe. Since 2016, the single-tenant office market in the region’s ‘Golden Triangle’ has recorded 1,034,998 square feet of positive net absorption with an availability rate of 10.65% during the same time frame, according to Newmark Research. In 21Q2, the availability rate in the Golden Triangle submarket has since dropped to 0.0%.
¹dba Newmark Knight Frank in California
(HQ @ First image courtesy of Digital Sky Aerial Imaging)
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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