September 21, 2022 9:00 AM
Newmark announces it has completed the sale of 333 and 385 Moffett Park, an 87,120-square-foot value-add research and development (R&D) campus in Sunnyvale, California for an undisclosed amount. The campus is comprised of a 75,896-square-foot two-story building and an 11,224-square-foot one-story building.
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jesse Millman, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction. The seller was real estate asset management company, Cilker Orchards Management Corp, and the buyer was Ellis Partners.
“333 and 385 Moffett Park provides the investor with a flexible business plan to either reposition the existing asset or plan for future redevelopment within the Moffett Park specific plan,” said Golubchik. “Despite challenging market conditions, this property benefitted from a competitive bidding process with participation from a diverse mix of capital profiles.”
“Ellis Partners is thrilled to be purchasing this unique freeway frontage property”, said Kevin Bocci, Vice President of Acquisitions at Ellis Partners. “We look forward to further expanding our footprint in Silicon Valley and appreciate Newmark’s professionalism in facilitating this transaction”.
The campus is nestled within Moffett Park, a 1,156-acre business park that sits at the northwest corner of Sunnyvale. The central location provides convenient access to executive and employee housing throughout the San Francisco Peninsula via highways 237 and 101. As the only industrial area in Sunnyvale directly served by light rail transit, providing ready access to Silicon Valley, the rest of the Bay Area and several airports, the larger than average parcels and limited height restrictions give Moffett Park intrinsic geographical attributes that make it a unique and premier location in Silicon Valley.
The Moffett Park submarket has remained a top performer in the San Francisco Bay Area Market, driven by robust demand from technology leaders including Google, Amazon and Facebook. The availability rate within Moffett Park currently remains at 6.8% with few high quality options available for tenants, according to Newmark Research.
 Dba Newmark Knight Frank in California
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. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 6,500 professionals around the world. 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.
- Press Releases >
- Newmark Completes Sale of Value-Add R&D Campus in…
Newmark Completes Sale of Value-Add R&D Campus in Sunnyvale’s Moffett Park
September 21, 2022 9:00 AM