Newmark Completes Sale of Mixed-Use Building in Downtown Mountain View

April 10, 2025 12:00 PM

Newmark announces the company has arranged the sale of 215 Castro Street, a 25,443-square-foot, three-story office and retail property in Downtown Mountain View, California. The asset traded for an undisclosed amount.

Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Executive Vice Chairman Ramsey Daya, Vice Chairman Edmund Najera, Executive Managing Director Chris Moritz, Managing Director Darren Hollak and Associate Directors Francesca Zappula and Brendan Raney represented the buyer, Kenson Ventures, in the transaction. The undisclosed seller was also represented by the Newmark team.

“The 215 Castro Street marketing process yielded a deep buyer pool from institutional and private capital sources and resulted in a swift execution for our client,” said Najera. “We continue to see investors eager to buy properties in downtown corridors up and down the Peninsula and in Silicon Valley.”

“Over the past six months, we’ve seen a clear trend: Young companies are eager to be in the office,” said John Fong, Managing Partner of Kenson Ventures. “We’re excited to support them by creating a premium workplace experience. 215 Castro makes that possible, delivering high-quality office space with exceptional amenities and unmatched transit connectivity. This project builds on our expertise in revitalizing downtown Peninsula assets to meet the needs of today’s modern workforce.”

The property is currently leased to three retail tenants on the ground floor, including Alexander’s Patisserie, PokeWorks and St. Stephen’s Green. The 2nd and 3rd floors of office space are vacant. 215 Castro Street is centrally located in Downtown Mountain View, within the heart of the Southern San Francisco Peninsula. Castro Street is the premier retail and dining destination in Mountain View, with over 75 restaurants and shops along the street and within walking distance. The 101 and 280 Freeways, the Mountain View Baby Bullet Caltrain Station and VTA Light Rail Station are also in proximity to the property.

Although Mountain View has experienced a 3.0% decrease in year-over-year asking rents, it maintains some of the highest asking rents in Silicon Valley at $7.20 per square foot (full-service gross), according to Newmark Research. The Downtown corridor of Mountain View consists of 1.7 million square feet of office space and is outperforming the broader Mountain View market with asking rates of $8.66 per square foot (full-service gross).

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 twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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