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Newmark has announced a 98,000-square-foot lease with Leidos, Inc. (NYSE: LDOS), a global leader in the integration and application of information technology, engineering, and science, at 924 Overland Court in San Dimas. This lease now brings Overland Court a two-building, high-image office campus totaling approximately 177,000 square feet of space, to 100 percent leased. Newmark signed United Technologies Corporation to 79,000 square feet in January 2018.
Newmark Senior Managing Directors Drew Sanden and Taylor Ing, along with Senior Associate Scott Maples represented the landlord Walton Street Capital and Stillwater Investment Group in Leidos’ five-year-plus lease transaction for the entire building.
For Leidos the move represents a consolidation and expansion from two Diamond Bar locations.
“This lease is another example of the continued absorption of large blocks of office space in the San Gabriel Valley. The drivers are the centralized location at the confluence of major freeways and a deep labor pool. We see a continued flight to high-quality, amenity-rich projects in this submarket for larger tenants to continue this year,” said Sanden.
Walton Street and Stillwater Investment Group purchased Overland Court in February 2015 for $18 million. The owner completed extensive renovation of the project, which included re-facing the building, expanding the parking field, replacing landscaping, interior demolition, along with the addition of communal exterior gathering places providing a more creative office atmosphere.
“The fact that this office property is now 100 percent leased confirms the investment opportunity for this market. The creative repositioning made a significant difference in obtaining tenant interest; this is the type of office environment which tenants are requesting,” added John Drachman, President, Stillwater Investment Group.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. 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. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our 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. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
Discussion of Forward-Looking Statements about Newmark
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