Newmark has announced completion of a 79,036-square-foot office lease with Hamilton Sundstrand, a division of United Technologies Corporation (NYSE: UTX), at 936-960 Overland Court in San Dimas.
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 the 10-year-plus lease transaction for the entire building.
The property, 936-960 Overland Court, is part of a two-building, high-image office campus totaling approximately 177,000 square feet of space. Walton Street and Stillwater Investment Group purchased the project in February 2015 for $18 million. The owner then 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.
“After completing an exhaustive repositioning of the project, we are excited that United Technologies has decided to sign a long-term lease with us. This transaction shows the strength of the East San Gabriel office market and we appreciate the efforts of Newmark to help make this transaction a reality,” said John P. Drachman, founder, Stillwater Investment Group.
United Technologies is relocating from Pomona because their existing building has been entitled for multifamily.
According to Sanden, the San Gabriel Valley remains one of the healthiest office submarkets in Southern California. “This lease represents the continued absorption of big blocks of space in what has quickly become a supply- constrained submarket. This imbalance of office supply vs. tenant demand is driving several spec office developments in the submarket which have been met with significant preleasing activity.”
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”.
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