Newmark Facilitates $23 Million Sale of 101,406-SF Office Building in Carlsbad, California

May 14, 2025 9:00 AM

Newmark [1] announces the company has arranged the $23 million sale of Wright Place, a 101,406-square-foot office building located at 1902-1903 Wright Place in Carlsbad, California. The transaction marks the first multi-tenant office transaction in Carlsbad over $10 million since December 2022 [2].

Newmark Executive Managing Directors Rick Reeder and Brad Tecca and Associate Tanner Harris represented the seller, Harbor Associates. The buyer was Stauss Investments, LLC.

“This transaction signals renewed confidence from capital in high-quality, well-located office assets that can be acquired at a significant discount to replacement cost and with historically attractive cap rates,” said Reeder. “We anticipate a meaningful increase in office transaction activity throughout the remainder of 2025, as office investment shifts from a contrarian play to a more broadly compelling opportunity.”

The property was over 90% leased to 13 tenants at the time of sale. Harbor Associates acquired the building in 2020 and performed significant upgrades, including enhancements to interior and exterior common areas, including the addition of a pickleball court and the modernization of vacant spaces. These improvements drove robust leasing activity, significantly increasing achievable rents and positioning the asset as a premier office project in the Carlsbad market.

“We’re excited to add Wright Place to our portfolio. It’s one of the premier office projects in Carlsbad, with its best-in-class amenities and high-quality tenant base, it aligns perfectly with our investment strategy,” said Daniel Weiss, CCIM, President of Stauss Investments, LLC. “The acquisition provided us with a unique opportunity to control a key corner in the market, as we own another project directly across the street. We’ve had a lot of success in Carlsbad and this addition further strengthens our presence in the market, which is approaching 350,000 square feet.”

[1] Not affiliated with NewMark Merrill Companies
[2] According to Newmark Research

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 March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. 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 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.