Newmark Advises on $162 Million Sale of The Plaza at Walnut Creek

October 22, 2024 11:00 AM

Newmark[2] announces the firm advised on the sale of The Plaza at Walnut Creek, a trophy 362,399-square-foot office complex situated in San Francisco’s East Bay market. The property sold for $162 million, representing the largest multi-tenant office sale on the West Coast since 2022.

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 Walnut Creek has bucked the trend and recorded meaningful occupancy and rental rate gains since 2019.”

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, state pension and core-plus office capital.”

Located at 1331 and 1333 North California Boulevard, The Plaza at Walnut Creek is comprised of two multi-tenant buildings with an underground parking garage. The property was 93% leased at the time of sale and has achieved market-leading occupancy of 91% over the last five years, which was facilitated by the Newmark leasing team.

Prominently located at the intersection of North California and Mount Diablo Boulevards, the property provides strong visibility to more than 38,000 vehicles passing per day, along with convenient access to the 680 and 24 freeways and proximity to Walnut Creek’s dense amenity base, including Broadway Plaza, Main Street Plaza, Olympia Place and Plaza Escuela.

[1] According to Newmark Research, per MSCI Real Capital Analytics
[2] Dba Newmark Knight Frank in California

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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 $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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