Cornish & Carey Commercial Newmark announced Perfect World Entertainment (NASDAQ: PWRD) executed a lease agreement to occupy the 100,000 square foot (sf) modern, blue-glass, Class A, 4-story building at 101 Redwood Shores Parkway in Redwood City owned by Diamond Investment Properties. This is a major expansion for the gaming company that currently occupies 33,000 sf in Foster City’s Parkside Towers. Perfect World Entertainment primarily publishes massively multiplayer online role-playing games (MMORPGs) and provides online services in North America. Kristoph Lodge and Matt Winters of Cornish & Carey Commercial Newmark’s Palo Alto office represented 101 Redwood Shores owner, and Dan Latini and Luke Wilson of Colliers International represented Perfect World Entertainment in the lease transaction.
“Diamond Investment Properties is pleased to welcome Perfect World Entertainment to 101 Redwood Shores,” said Diamond Investment Properties’ Principal, Steve Diamond. “We are experiencing first-hand the explosive growth and opportunity in the gaming industry. Our focus is to meet the needs of these innovative technology companies with modern state-of-the-art office properties”.
Perfect World Entertainment plans to occupy its new Redwood City property, which is strategically positioned at the gateway to Redwood Shores, in March of 2012. One of the factors influencing Perfect World Entertainment’s decision to relocate its North American headquarters was the property’s close proximity to Electronic Arts (EA). EA, a leading global interactive entertainment software company, owns its 500,000 sf headquarters campus in Redwood Shores located less than a mile from Perfect World Entertainment’s new headquarters.
“The cluster effect can be a potent force in commercial real estate,” said Cornish & Carey Commercial Newmark Senior Vice President Kristoph Lodge. “The mid-Peninsula is quickly becoming a hub for the gaming industry and this trend will continue to attract industry peers nearby and drive rent premiums. In fact, there is currently over 100,000 sf of additional space being negotiated with gaming companies within one mile of Perfect World Entertainment.”
Diamond Investment Properties is an owner, operator, and developer of exceptional quality real estate properties. Principals Steve Diamond and Andrew Diamond have acquired and developed Class A properties including high-identity office towers, prime location suburban office buildings and luxury multi-family properties. Flagship properties include the 425,000 sf bayfront Sierra Point Towers in Brisbane, the recently renovated Atherton Square medical complex and 1200 Lakeshore Avenue, Oakland’s finest luxury apartment tower.
About Cornish & Carey Commercial Newmark
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark core values of integrity and knowledge. Headquartered in New York, Newmark and London-based partner Knight Frank operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.