June 6, 2022 9:00 AM
Newmark, on behalf of Republic Urban Properties and Principal Real Estate Investors, is actively engaged in the leasing of Gateway at Millbrae Station, an iconic, neighborhood-defining community located at the steps of the Millbrae BART and Caltrain stations.
Newmark Executive Managing Director Craig Kalinowski, Executive Vice President Josh Rowell and Director Mark Courson are actively engaged in leasing the office portion of the project, while Newmark Senior Managing Director Sean O’Carroll and Managing Director Josh Shumsky are leading the retail leasing.
“The Gateway project represents transit-oriented design at its best,” said Michael Van Every, CEO of Republic Urban Properties. “This design focused on building a destination incorporating work, live, shop and a beautiful pedestrian paseo, with direct access to the largest BART & Caltrain station in the Bay Area. We are excited to fully deliver all phases of the project this year, bringing world class tenants to Millbrae.”
Gateway at Millbrae Station features 157,694 square feet of office space, 43,373 square feet of retail space, 400 residential units and a 164 room Marriot by Residence Inn. The project is nearing completion, with the office and retail space delivered during the second quarter of 2022. The office space features 50,000-square-foot floor plates—the largest on the Peninsula— plus spacious high ceilings, abundant lighting, private patio space and exceptional corporate branding visible on Highway 101. The retail and restaurant space is prime for distinctive dining, shopping and entertainment options, and includes a pedestrian-only paseo to feature outdoor dining.
“We are excited to see our client’s vision and hard work result in a destination center for the Mid-Peninsula market. Gateway at Millbrae Station is a one of kind transit-oriented project,” said Kalinowski. “With best-in-class office space, new high-quality amenities, building-top signage opportunities and connectivity to the Bay Area work force, we have already generated strong tenant interest.”
The Millbrae Transit Center is currently the only location on the Peninsula where BART and Caltrain connect, making it a strategic transit hub. Located approximately a quarter mile from San Francisco International Airport—the seventh busiest airport in the U.S. by passenger volume—it is a key location for office and retail development, as the area features strong daytime and residential population numbers and there is limited comparable product in the immediate vicinity. The transit-oriented location makes it easily accessible to the entire Bay Area.
The North Peninsula office market continues to witness a rebound in demand and market activity, according to Newmark Research. During the fourth quarter of 2021, the market recorded its third consecutive quarter of positive net absorption at 425,125 square feet, supported by companies anticipating a return to the workplace post-pandemic. Net absorption for all of 2021 was recorded at 752,331 square feet, the highest annual mark recorded in the last decade. Market-wide vacancy dropped to 10.1% during the fourth quarter, down from 11.5% in the previous quarter. The trend of decreasing vacancy is expected to continue as tenants continue to actively seek out high-quality Class A space and newer construction located in transit-oriented submarkets.
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Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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- Newmark to Lease Office and Retail at New Mixed-U…
Newmark to Lease Office and Retail at New Mixed-Use Development in Millbrae, California
June 6, 2022 9:00 AM