Newmark represented the owner of Murphy Crossing, a 368,000-square-foot, five-building Class A office/R&D project in the heart of Silicon Valley, on a 216,000-square-foot lease transaction that brings the property to fully-leased status. Murphy Crossing was acquired in January 2017 by a joint venture between Northern California-based Embarcadero Capital Partners and New York-based True North Management Group. The lease agreement with Renesas Electronics America (which recently acquired Intersil Corporation), expands its existing premises by 90,000 square feet to include all of 915 Murphy Ranch Road, and extends the term of its existing lease on 126,000 square feet at 1001 McCarthy Boulevard and 933 Murphy Ranch Road. The Renesas transaction represents one of Silicon Valley’s largest leases of the year.
Newmark Executive Managing Director Shawn Kellenberger, Executive Managing Director Jeff Arrillaga and Senior Managing Director Michael Saign represented building ownership. JLL represented the tenant.
Speaking for building ownership, Carol Donnelly, Embarcadero Capital Partners’ Director of Leasing, said, “We’re thrilled with Renesas’ decision to expand its footprint and extend its lease term at Murphy Crossing. Intersil has been an important tenant at the project for years and Renesas’ consolidation with Intersil at Murphy Crossing will create a vibrant campus environment for the combined companies.”
Built in 1994 by an owner/user (Octel), Murphy Crossing is situated on 20 acres and features high-quality design and construction, high ceilings, and large floorplates. The property is in the desirable Route 237 Corridor, offering easy access to Interstates 880 and 680, U.S. 101, and the VTA light rail system connecting to BART. Murphy Crossing features best-in-class onsite amenities, including a full-service cafeteria, outdoor collaborative areas, expansive lawns, and basketball and volleyball courts. Other tenants at the project include Aerohive Networks and SonicWALL.
“Our Newmark team is ecstatic with the successful execution of Embarcadero Capital Partners’ and True North’s strategic business plan for Murphy Crossing. We look forward to continuing our valued partnership with them in the future,” said Saign.
Kellenberger adds: “Embarcadero Capital Partners and True North have shown incredible vision in this submarket. They’ve matched that with their diligence and professionalism in deal-making to repeat outcomes in a highly successful manner.”
Last summer, Kellenberger, Arrillaga and Saign represented another Embarcadero Capital Partners/True North joint venture on a full-building lease with FireEye at 601 McCarthy Boulevard, a 189,000 square foot headquarters building across the street from Murphy Crossing.
About Embarcadero Capital Partners
Embarcadero Capital Partners is a private real estate investment, management, and development firm based on the San Francisco Peninsula. The firm invests in dynamic, development-constrained U.S. markets driven by intellectual capital and a creative business culture. Additional information about Embarcadero Capital Partners is available at www.embarcaderocapitalpartners.com.
About True North Management Group
True North is a private real estate investment management firm that focuses on capitalizing on opportunities in a cyclical and dynamic environment. The True North investment team seeks to use its extensive experience and wide-ranging knowledge base to generate both high quality risk-adjusted and absolute returns. For additional information, please visit www.tninvestors.com.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.