Newmark Facilitates $80 Million Sale of a Nearly 20-Acre Development Site in North San Jose Submarket

February 20, 2024 9:00 AM

Newmark[1] announces it has completed the sale of 550 East Brokaw Road, a 19.7-acre, fully-entitled development site, inclusive of an existing 293,906-square-foot building structure, in San Jose, California. The property sold for $80,000,000.

Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairmen Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak represented the seller, Bay West Development, in the transaction. The property was purchased by Supermicro Computers, a leading player in the server and technology space, which will occupy the existing building and has plans to develop on the site.

“This transaction underscores the AI sector’s commitment to Silicon Valley,” said Golubchik. “550 East Brokaw was the ideal location for covered land with flexible zoning that offers a wide variety of uses.”

Previously occupied by Fry’s Electronics, 550 East Brokaw is an ideal location for Supermicro’s second campus, situated less than a mile from its existing headquarters at 980 Rock Avenue in San Jose. The property is within proximity to Highways 101 and 880, providing near-direct access to the region’s major routes, as well as convenient access to executive and employee housing.

Newmark Executive Vice Chairman Phil Mahoney and Executive Managing Director Joe Kelly are the leasing agents of the property and assisted in the sale of the property.

[1] Dba Newmark Knight Frank in California

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 year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 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.