Newmark Capital Markets has brokered the $49 million sale of 939 Ellis Street, a seven-story, 87,190-rentable square-foot office property with 53 parking stalls in the up-and-coming Van Ness Corridor of San Francisco. The property, built in 1961, recently underwent a major renovation by the seller with base building improvements providing a blank canvas for prospective tenants to create their own identity.
Newmark Capital Markets’ San Francisco investment team of Executive Managing Directors Kyle Kovac, Michael Taquino and Daniel Cressman and Associate Director Mandy Lee represented the seller, a joint venture of Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners. The buyer, The Seavest Investment Group, assisted by Meridian, represented itself.
939 Ellis Street is an institutional-quality building featuring a 4,460-square-foot patio roof deck, unobstructed views of downtown San Francisco, spacious meeting spaces, and structured parking garage with first level parking.
Some of the key drivers for the growth of the Van Ness Corridor include: more than 9,000 residential units either under construction, approved, or proposed along Van Ness Avenue and in adjacent submarkets; California Pacific Medical Center’s (CPMC) new state-of-the-art hospital at Van Ness and Geary (less than three blocks from 939 Ellis); and the nearby transit with MUNI bus lines, BART, and the future Van Ness Bus Rapid Transit providing access to the entire Bay Area.
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.