Newmark has completed an 87-month, 40,811-square-foot full-building lease in San Diego. The new tenant, a strategic business development and portfolio management company, Lighthouse Strategies, LLC, will move into its new space December 1, 2017. The space will be Lighthouse Strategies’ California headquarters.
Newmark’s Senior Managing Directors Steve Bruce and Chris High, along with Associate Conor Evans represented the landlord, CIRE Equity. The tenant was represented by Managing Principal Simon Terry-Lloyd and Advisor Zach Shaw of Cresa Global Inc.
Built in 1985 and situated on just under three acres, the two-story property is located at 10170 Sorrento Valley Road. Scripps Business Services Department had been the tenant for more than ten years and recently vacated the property. The Newmark team also negotiated a relocation for Scripps to the former Petco Campus site on Rehco Road on behalf of the landlord, LBA Realty.
“Our Newmark team and CIRE executed a strategic improvement plan immediately following Scripps move-out,” said Bruce. “The renovation included a new glass store front, the addition of skylights, major improvements to the exterior, a refurbished and enlarged lobby, and exposing the 14-foot clear height throughout most of the first floor. Upon completion, this property provided all the elements of a very modern and creative space attractive to tenants looking for a unique workplace for its employees and overall brand identity.”
10170 Sorrento Valley Road offers convenient freeway access and visibility from Interstate 805 and has an array of restaurant and retail amenities less than one mile away.
Cresa is the world’s largest tenant-only commercial real estate firm. In representing tenants exclusively-no landlords or developers- Cresa provides unbiased, conflict-free advice. Its integrated services cover every aspect of a real estate assignment, including strategic planning, employee demographics, workplace strategy, site selection, incentives negotiation, market research, transaction management, project financing, project management, portfolio management, and relocation services. Cresa offers clients customized solutions worldwide through more than 60 global offices. For more information, visit www.cresa.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 15,000 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, valuation and advisory 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.