Newmark Capital Markets has arranged approximately $81.5 million in financing for the acquisition and repositioning of the Burlingame Bay Office Park, a Class A office complex comprising two steel-framed, mid-rise buildings totaling 260,000 square feet overlooking the San Francisco Bay in Burlingame, California.
Newmark Capital Markets Senior Managing Director Chris Moritz and Vice Chairman Ramsey Daya of the debt and structured finance team in the San Francisco office executed the financing on behalf of the buyers, the global private markets investment manager, Partners Group (acting on behalf of its clients), and EverWest Real Estate Investors, LLC. The loan was placed with subsidiaries of Colony Credit Real Estate, Inc. (NYSE: CLNC).
Built in 1983 and 1998 the Class A property’s two buildings are situated directly on the San Francisco Bay within a parklike setting and clear visibility from Highway 101. The property features landscaped paths, bountiful natural light with views of the bay and coastal hills, all with an amenity base that includes outdoor patio areas, a bay side walking trail, fitness center, a bike room, conference room and fifth floor outdoor space.
“Given the quality of the asset and diversified tenant base, the debt markets showed a strong interest in this opportunity. Colony demonstrated a real understanding of the dynamics of the submarket and the strong position of property and our Newmark Capital Markets team is pleased to have successfully closed on this transaction with them on behalf of EverWest and Partners Group,” said Moritz. “Burlingame Bay presents a rare opportunity to stabilize a Bay-facing asset in strong mid-Peninsula submarket.”
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale-leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., 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
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.