Newmark announced that RingCentral, a leading provider of global enterprise cloud communications, collaboration and contact center solutions, has renewed their headquarters lease of approximately 85,000 square feet at 20 Davis Drive in Belmont, California.
Newmark’s Vice Chairman Ben Stern and Executive Managing Directors Jon Cannon and Joe Hamilton represented RingCentral in the lease negotiations. Mike Moran and Clarke Funkhouser of Cushman & Wakefield represented the landlord. Newmark exclusively represents RingCentral’s real estate portfolio worldwide.
Located in San Mateo County, the Class A three-story building features a floor-to-ceiling glass atrium, a full-service kitchen, café area and sweeping views of the San Francisco Bay area.
“We were pleased to support RingCentral in this important headquarters transaction,” said Stern. “The company strategically considered a variety of options, but at the end of the day, a renewal of its existing campus made sense—especially given these challenging times.”
The North Peninsula office market showed signs of vacancy and rental rates trending up, construction and deliveries staying neutral and absorption trending down in Q2 2020, according to Newmark Research. Despite softening tenant demand and rising vacancy in the North Peninsula, average asking rates were recorded at $5.61/SF full service, up from $5.53/SF in the prior quarter.
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 18,000 professionals operate from approximately 480 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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