December 30, 2020 9:00 AM
Newmark has successfully completed the sale of 1450 Sherwin Avenue, a 3-story building consisting of 72,000 square feet with optionality to either redevelop for life science or office use in Emeryville, California. The site provides an investor with the opportunity to redevelop a large-block vacancy taking advantage of strong tenant demand in a rising rental rate environment.
Newmark’s Head of Northern California Capital Markets Steven Golubchik, Senior Managing Director Seth McKinnon, Vice Chairman Edmund Najera, Managing Director Jonathan Schaefler and Associate Directors Darren Hollak and Jack Phipps represented the seller, LMC, a Lennar Company, in the transaction to buyer, an affiliate of Walton Street Capital, L.L.C. and SteelWave LLC. The buyer is actively acquiring and seeking acquisition of other Life Science opportunities located within the primary bay area clusters.
“1450 Sherwin represents a rare opportunity for an investor to acquire a fully-entitled, large block vacancy with the ideal foundation for life science repositioning in one of the region’s hottest life science markets,” stated Golubchik.
Located in the heart of Emeryville, the Property is directly adjacent to Lennar Multifamily Communities’ (“LMC”) fully entitled 7.9-acre mixed-use development, a development slated to consist of 500 residential units, a 2.5-acre public park, and 4,000 square feet of retail amenities. Additionally, the Property will soon offer direct connectivity via a pedestrian bridge to the Bay Street Shopping Center, Emeryville’s premier retail hub.
“The sale and life science repositioning of 1450 Sherwin is perfectly timed to meet the increasing space demands of tenants in the Emeryville life science cluster,” shared McKinnon.
With current tenant demand of 630,000 square feet, the Northern East Bay has become one of the most desired locations for life science tenants in the Bay Area. Totaling 4.2 million square feet and representing 15% of the total Bay Area market, the Northern East Bay life science landscape boasts an availability rate of just 5.6%, according to Newmark Research.
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.
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.