Newmark has advised landlords DivcoWest and Rockpoint Group on a 60,183-square-foot expansion deal with data storage technology company Cohesity. Located in RiverPark Tower 1, Cohesity will be occupying three new floors of the downtown San Jose tower, in addition to the five floors they already occupy in RiverPark Tower II.
San Jose’s RiverPark Towers, a pair of twin buildings along West San Carlos Street and Park Avenue, have played a significant role in the continuing popularity of downtown San Jose by attracting prominent new tech companies to the submarket. The towers are situated in the heart of San Jose’s downtown activity, near the San Jose Center for the Performing Arts, San Jose Convention Center, SAP Center and most importantly, Diridon Station.
The Newmark broker team advising on the deal included Vice Chairman Phil Mahoney, Senior Managing Director Anne Ralston and Executive Managing Directors Mike Saign and Joe Kelly of the firm’s San Jose office. Newmark’s lease-up strategy has brought RiverPark Towers’ occupancy rate to 97% .
“This major expansion reflects the increasing demand generated by many tech brands and their growing employee base,” said Ralston. This project has all the amenities tenants require in one of the hottest spots for tech in Silicon Valley. We were able to meet Cohesity’s specific needs by structuring a deal ideally suited for their growth cycle.”
RiverPark Towers consists of two Class A, state-of-the-art office towers located alongside the Guadalupe River. Designed by HKS Architects, the two-tower project features a granite-clad exterior, sweeping views of the entire Silicon Valley and a best-in-class on-site amenity base that will enjoy further near term enhancements. The block-long office campus includes a central courtyard with lush landscaping, seating and fountains, providing a park-like feel in a convenient Central Business District location. In April 2010, RiverPark Towers received LEED Gold for Core and Shell certification from the U.S. Green Building Council-the first office building in San Jose to receive this certification.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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