Newmark Completes Sale of 3.7-Acre Development Site in Downtown San Jose

November 4, 2025 9:00 AM

Newmark announces the Company has arranged the sale of 447 South Almaden Boulevard, a 3.7-acre development site in the heart of Downtown San Jose. The City of San Jose acquired the asset for $13.5 million, approximately $3.7 million per acre or $85 per land foot.

Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Managing Director Darren Hollak and Associate Director Brendan Raney represented the undisclosed seller in the transaction.

“Downtown San Jose has fantastic energy, and the City’s strategic acquisition of this site supports the next chapter of growth in Downtown San Jose’s urban core. This was a terrific outcome for both the buyer and seller,” said Najera.

Located at 447 S Almaden Blvd., the property is centrally located in Downtown San Jose’s SoFA District (South of First Area), directly adjacent to the San Jose McEnery Convention Center, which hosts over one million visitors annually, and the San Jose Center for the Performing Arts, a 2,677-seat venue that presents Broadway productions and major cultural events. The property is also surrounded by a dense retail amenity base, including SoFA Market, Starbucks, Il Fornaio and Morton’s Steakhouse.

The property was leased at the time of sale to the City of San Jose, which currently utilizes the site as a municipal parking lot and intends to maintain that use in the near term, specifically to support events at San Jose McEnery Convention Center. Looking ahead, the City views the site as a strategic acquisition that aligns with its vision for future growth and development as Downtown San Jose continues its rapid transformation.

San Jose is the largest city in Northern California and a cornerstone of Silicon Valley, widely recognized for its leadership in technology, innovation and entrepreneurship. Downtown San Jose covers three square miles, spanning from Highway 280 to Highway 880 and Santa Clara Street to Almaden Blvd.

About Newmark
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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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