Newmark Completes Sale of Moffett Green, Fully-Leased Trophy Campus in Silicon Valley
Newmark has successfully completed the sale of Moffett Green, marking the largest office investment trade in Silicon Valley history. The fully leased campus, comprising 719,037 square feet across four Class A buildings, has been leased to Meta Platforms on a long-term basis. The transaction indicates strong investor interest in trophy assets in high-demand markets. Over the past 24 months, Newmark has facilitated over 60 transactions amounting to more than $7 billion. Moffett Green’s amenities and strategic location contribute to its appeal among innovation tenants.
- Sale of Moffett Green marks largest office investment trade in Silicon Valley history.
- Transaction involved a fully leased trophy campus, indicating strong investor confidence.
- Newmark facilitated over 60 transactions totaling more than $7 billion in 24 months.
- None.
Transaction Marks Largest Single-Asset Investment Office Sale in Silicon Valley History1
SAN FRANCISCO, June 13, 2022 /PRNewswire/ -- Newmark2 announces it has completed the sale of Moffett Green, a recently renovated trophy campus in Sunnyvale, California. The campus comprises four Class A office buildings, which total 719,037 square feet and are fully leased, handled by Newmark on behalf of Moffett Green, to Meta Platforms, Inc ("Meta") on a long-term basis.
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Co-Head of U.S. Capital Markets Kevin Shannon, Executive Vice Chairman Phil Mahoney, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction. Newmark represented both the seller, Tishman Speyer, and the buyer CommonWealth Partners, LLC.
"The sale of Moffett Green marks the largest office investment trade completed in Silicon Valley history," said Golubchik. "The significant investor interest in this offering underscores the continued demand for trophy assets within high barrier to entry markets. We are thrilled to deliver a strong execution for all involved parties."
Golubchik and his team have executed on more than 60 transactions over the last 24 months with a total consideration over
"Office absorption has been dominated by innovation tenants seeking best-in-class campuses like Moffett Green to attract and retain talent," said Shannon. "Investment capital continues to price these quality campuses aggressively with all cash buyers like CommonWealth enjoying a competitive advantage today given the rise in interest rates."
The synergy between Newmark leasing and capital markets was a vital component in bringing this transaction to fruition. Mahoney, along with Vice Chairman Michael Saign and Executive Managing Director, Market Leader Jon Mackey served as exclusive leasing advisors for Moffett Green on behalf of Tishman Speyer, and were integral in landing the full-building lease, the largest new private-sector office lease executed across the U.S. in 2021, to Meta.
Mahoney added, "We were pleased to again assist Tishman Speyer in both the leasing and sale of this unique campus in the heart of Silicon Valley."
Moffett Green features state-of-the-art amenities, including theaters, a 1,200-seat auditorium, cafes, fitness studios with locker rooms, a basketball court, vegetable gardens, exterior bocce ball courts, a putting green and a sand volleyball court. Moffett Green's location, architecture, premier on-site amenities and generous green space are some of the rare features that make this campus one-of-a-kind.
Moffett Green is located within Moffett Park, a highly desirable submarket of Silicon Valley surrounded by many of the world's most innovative companies, including Google, Apple, Juniper Networks and Amazon. The 1,156-acre business park offers larger-than-average parcels, limited height restrictions and access to the entire Bay Area via Highway 101 and SR-237, making it a unparalleled location in Silicon Valley.
Moffett Park has remained a top-performing San Francisco Bay Area submarket, driven by robust demand from world technology leaders. With nearly
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. Newmark generated revenues of nearly
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 effects of the COVID-19 pandemic on 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 Per MSCI Real Capital Analytics
2 Dba Newmark Knight Frank in California
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SOURCE Newmark Group, Inc.
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