Newmark Facilitates the $63.6 Million Sale of Four-Building North San Jose R&D Campus

January 8, 2026 9:00 AM

Newmark announces the Company has arranged the $63.6 million sale of Campus at Trimble, a four-building, 252,655-square-foot R&D campus in North San Jose, California. The property was acquired by a partnership between Grove Real Estate Partners and DivcoWest for approximately $252 per square 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.

“The sale of the Campus at Trimble represents yet another data point of institutional capital pouring into Silicon Valley R&D assets,” said Najera. “With ample power and at-grade loading, the property caters to the needs of current tenant demand. We were pleased to help Grove Real Estate Partners and DivcoWest acquire the asset while effectuating a fantastic outcome for our client.”

“We are excited by the fundamentals underpinning high-quality R&D projects across Silicon Valley, particularly given the surge of tenant demand in the back half of 2025 amidst a lack of premium R&D supply,” said Elena Miller, Head of Bay Area and Pacific NW Acquisitions at DivcoWest. “This campus, acquired at a significant discount to replacement cost, provides a strong foundation for value creation, with meaningful upside through the strategic enhancement of the campus which we believe our partnership is well-positioned to capitalize on.”

“The Campus exemplifies the quality, well-located R&D properties we are targeting at Grove Real Estate Partners, and we thank the Newmark team for enabling a seamless transaction,” said Chris Eldemir, Co-Founder and Managing Partner at Grove Real Estate Partners.

Located at 375, 397, 399 and 441 W Trimble Road in heart of Silicon Valley’s Golden Triangle, the property features 17’ clear heights, 8,000 amps of power, at-grade loading, outdoor amenities and signage visible from West Trimble Road and Orchard Parkway. With a long history of institutional ownership, the property has been maintained with the highest standards and received substantial capital investment.

The property neighbors world leaders in technology including NVIDIA, Micron and PayPal, while offering convenient access to executive and employee housing via West Trimble Road and the 101 Freeway. The campus is within a five-minute drive to Rivermark Village and Santa Clara Square and is walking distance to The Market Place Mall.

Silicon Valley’s R&D market consists of 114.6 million square feet of product, with an average asking rent of $2.80 per square foot per month on a triple net basis, according to Newmark Research. The vacancy rate stood at 13.7% as of 3Q 2025.

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 September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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