Newmark has announced the purchase of Northwest Innovation Center, a single-story four-building campus, by Pacific Oaks Education Corporation. The acquisition, encompassing 75,000 square feet of space, is part of a long-term strategy developed by Newmark for the college allowing it to grow and remain in Pasadena. The four buildings are located at 55 Eureka Street, 45 Eureka Street, 433 N Fair Oaks Avenue and 100 West Villa Street as part of a larger complex.
Newmark Executive Managing Directors Josef Farrar and David Kluth along with Managing Director Aliya Coher represented the buyer. The seller, NW Innovation Center, LLC, was represented by Mark Shaffer and Kevin Duffy of CBRE.
Pacific Oaks currently occupies approximately 45,000 square feet of space in the 45 and 55 Eureka Street buildings. The next largest tenant is the State of California. The campus sits on the northwest corner of Fair Oaks Avenue and Eureka Street with immediate access to the 210 and 134 freeways and Old Town Pasadena. Pacific Oaks plans to upgrade the campus, built in 1964 and renovated in 2006, with amenities for students.
“Pasadena is a vibrant market and the area surrounding the buildings has seen a great amount of recent building activity with new hotels, multi-unit residential and mixed-used projects,” said Farrar. “Net absorption has been positive for four consecutive years, while rents have increased for three years straight.”
Nearly four years ago Newmark initiated a search on behalf of Pacific Oaks College to assist the college with a comprehensive real estate strategy. The challenge was locating a suitable campus location with the proper zoning and parking, among other necessities. Newmark successfully convinced the former property owner to sell the campus to Pacific Oaks College.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 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. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.