October 28, 2021 9:00 AM
Newmark announces it has completed the sale of Tasman Tech, a 14-building office/R&D campus located at Tasman Drive at I-880 in Milpitas, California. The campus has undergone substantial renovation and capital investment by existing ownership, allowing the property to continue to attract tenancy.
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 brokered the transaction. The seller was Lionstone Investments, and the buyer was Washington Holdings LLC, a West Coast focused, diversified, institutional real estate investment firm with over $3 billion of assets under management and roughly 2.5 million square feet of high-quality R&D assets throughout the Silicon Valley.
“Tasman Tech provides substantial in-place cash flow with extensive renovations completed by current ownership,” said Najera. “The high-quality improvements have attracted tenants throughout the pandemic and leasing momentum has continued to remain strong.”
Significant capital expenditures include the addition of on-site retail amenities, abundant outdoor collaboration areas, a state-of-the-art fitness center, building signage and ChargePoint vehicle chargers. The campus is within a five-minute VTA Light Rail ride to Milpitas BART station, providing easy access to the Greater East and North Bay. As BART continues its planned expansion to Downtown San Jose, Tasman Tech will further cement its position as one of the most transit-oriented campuses in the Golden Triangle.
Tasman Tech is centrally located within the Silicon Valley and surrounded by a prominent R&D and life sciences tenant base, including Johnson & Johnson, BigFoot BioMedical, Cisco, Analog Devices and Micron. The Silicon Valley, consisting of ten distinct submarkets offering nearly 125 million square feet of R&D product, was bolstered in the third quarter with the completion of pre-leased construction and strong investment sales. The R&D market has weathered the market turbulence of the pandemic relatively well with 1.9 million square feet of gross absorption in Q3 2021, showing that overall leasing activity is holding steady, according to Newmark Research.
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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 in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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