Newmark has announced a 96,535-square-foot lease with Valent at Canyon Corporate Park, located at 4600 Norris Canyon Road in San Ramon. The lease represents the largest new R&D lease in the Tri-Valley since the second quarter of 2016.
Newmark Managing Directors Dan Watson, Dave Bruzzone and Dan Dowd represented the landlord, a joint venture of Cannae Partners, LLC and New York Life Investors on behalf of an institutional investor, in the long-term lease transaction with the tenant, Valent U.S.A., a leading crop protection firm serving the agricultural and non-crop products markets in North America.
The ownership had purchased the Canyon Corporate Park, a three-building property built in 1984, out of default in 2014. The new Valent lease now puts Canyon Corporate Park at 100 percent leased.
“The building has an 8’ interstitial space between the floors which is perfect for R&D uses and helped to attract Valent,” said Watson. “Between the intrinsic nature of the building itself and site location, Canyon Corporate is an ideal choice.”
“We are delighted that Valent has made a long-term commitment to Canyon Corporate. Valent’s lease demonstrates the attractiveness of the San Ramon market for world class tenants and completes our turnaround of the campus,” said Bob Basso, principal with Cannae Partners, LLC.
The property also benefits from a recently renovated outdoor common area and a strategic location with street frontage on Norris Canyon Road.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $51.9 billion in assets under management as of June 30, 2018*, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
*Real Estate Investors AUM of $51.9B is gross and includes AUA ($1.6B), and debt ($0.3B) as of 6/30/18. Net AUM for Real Estate Investors is $50.0B as of 6/30/18.
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. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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