Newmark Advises on $162 Million Sale of The Plaza at Walnut Creek
Newmark has advised on the $162 million sale of The Plaza at Walnut Creek, a 362,399-square-foot office complex in San Francisco's East Bay market. This represents the largest multi-tenant office sale on the West Coast since 2022. The property, sold by Clarion Partners to PSAI Realty Partners, was 93% leased at the time of sale and has maintained a market-leading occupancy of 91% over the last five years. Located at 1331 and 1333 North California Boulevard, the complex consists of two multi-tenant buildings with underground parking, offering strong visibility to over 38,000 passing vehicles daily.
Newmark ha consigliato la vendita di 162 milioni di dollari de The Plaza at Walnut Creek, un complesso di uffici di 362.399 piedi quadrati situato nel mercato dell'East Bay di San Francisco. Questo rappresenta la più grande vendita di uffici multi-inquilino sulla Costa Ovest dal 2022. La proprietà, venduta da Clarion Partners a PSAI Realty Partners, era affittata al 93% al momento della vendita e ha mantenuto un'occupazione di mercato leader del 91% negli ultimi cinque anni. Situato al 1331 e 1333 North California Boulevard, il complesso è composto da due edifici multi-inquilino con parcheggio sotterraneo, offrendo una forte visibilità a oltre 38.000 veicoli che passano ogni giorno.
Newmark ha asesorado sobre la venta de 162 millones de dólares de The Plaza at Walnut Creek, un complejo de oficinas de 362,399 pies cuadrados en el mercado de East Bay de San Francisco. Esto representa la mayor venta de oficinas multiinquilino en la Costa Oeste desde 2022. La propiedad, vendida por Clarion Partners a PSAI Realty Partners, estaba alquilada al 93% en el momento de la venta y ha mantenido una ocupación líder en el mercado del 91% en los últimos cinco años. Ubicado en 1331 y 1333 North California Boulevard, el complejo consta de dos edificios multiinquilino con estacionamiento subterráneo, ofreciendo una fuerte visibilidad a más de 38,000 vehículos que pasan diariamente.
Newmark는 샌프란시스코 동베이 시장에 위치한 362,399 제곱피트의 사무실 단지 The Plaza at Walnut Creek의 1억 6,200만 달러 매각에 대해 자문을 제공합니다. 이는 2022년 이후 서부 해안에서 가장 큰 다세대 사무실 매매를 의미합니다. Clarion Partners가 PSAI Realty Partners에 매각한 이 부동산은 판매 당시 93% 임대되었으며 지난 5년 동안 시장에서 91%의 점유율을 유지했습니다. 1331 및 1333 North California Boulevard에 위치한 이 단지는 지하 주차장이 있는 두 개의 다세대 건물로 구성되어 있으며, 매일 38,000대 이상의 차량이 통과하는 강력한 가시성을 제공합니다.
Newmark a conseillé la vente de 162 millions de dollars du The Plaza at Walnut Creek, un complexe de bureaux de 362 399 pieds carrés situé sur le marché de l'East Bay à San Francisco. Cela représente la plus grande vente de bureaux multi-locataires sur la côte ouest depuis 2022. La propriété, vendue par Clarion Partners à PSAI Realty Partners, était louée à 93 % au moment de la vente et a maintenu un taux d'occupation leader de 91 % au cours des cinq dernières années. Situé aux 1331 et 1333 North California Boulevard, le complexe se compose de deux bâtiments multi-locataires avec un stationnement souterrain, offrant une forte visibilité à plus de 38 000 véhicules circulant quotidiennement.
Newmark hat beim Verkauf des The Plaza at Walnut Creek im Wert von 162 Millionen Dollar beraten, einem 362.399 Quadratfuß großen Bürokomplex im East Bay-Markt von San Francisco. Dies stellt den größten Verkauf von Multi-Tenant-Büros an der Westküste seit 2022 dar. Die Immobilie, die von Clarion Partners an PSAI Realty Partners verkauft wurde, war zum Zeitpunkt des Verkaufs zu 93 % vermietet und hat über die letzten fünf Jahre eine marktführende Belegungsrate von 91 % aufrechterhalten. Der Komplex, der sich an der 1331 und 1333 North California Boulevard befindet, besteht aus zwei Multi-Tenant-Gebäuden mit einer Tiefgarage und bietet eine starke Sichtbarkeit für über 38.000 vorbeifahrende Fahrzeuge täglich.
- Achieved sale price of $162 million, marking largest West Coast multi-tenant office sale since 2022
- High occupancy rate of 93% at time of sale
- Maintained strong average occupancy of 91% over past five years
- Property has recorded meaningful occupancy and rental rate gains since 2019
- None.
Insights
The
Several key factors make this deal noteworthy:
- The property's consistent
91% average occupancy over five years significantly outperforms market averages - Location advantages including high visibility and proximity to major transportation routes
- Strong investor interest from both domestic and international institutional buyers indicates continued appetite for high-quality suburban office assets
The Sale Represents the Largest Multi-Tenant Trophy Office Sale on the West Coast Since 20221
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Managing Director Darren Hollak and Associate Director Francesca Zappula represented the seller, Clarion Partners, in the sale to the buyer, PSAI Realty Partners. Newmark Vice Chairman Breck Lutz, Senior Managing Director Alex Grell and Managing Director Danny Bartz serve as the leasing advisors for the property.
"This property presented investors with a once-in-a-generation opportunity to acquire a top performing asset in the region," said Golubchik. "Despite general pullbacks in occupancy and rental rates in the office sector, The Plaza at
Golubchik continued, "The marketing processes generated some of the strongest investor interest we have seen in the last three years, providing ownership with a wide range of potential suitors including both foreign and state pension and core-plus office capital."
Located at 1331 and 1333 North California Boulevard, The Plaza at
Prominently located at the intersection of
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately
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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. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. 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 Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
1 According to Newmark Research, per MSCI Real Capital Analytics |
2 Dba Newmark Knight Frank in |
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SOURCE Newmark Group, Inc.
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