San Francisco (July 26, 2012) — Newmark Knight Frank Cornish & Carey Commercial Capital Group announced the sale of 329 Brannan Street in San Francisco, a 35,700-square-foot development site located in the South of Market area near AT&T Park. Los Angeles-based developer Kilroy Realty, LP plans to develop the high-profile property into a Class A, five-story office building targeting creative users. Terms of the sale were not disclosed.
“The site is located in San Francisco’s top performing submarket,” said Kyle Kovac, a managing director of the Newmark Knight Frank Cornish & Carey Commercial Capital Group, who represented the seller with Daniel Cressman and Michael Taquino. “We anticipate continued rental rate growth in the area and believe today’s market rents justify new construction – in particular for low-rise development. While the building will ultimately be constructed for office use, residential developers were also competitive in the bidding process.”
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A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark Knight Frank; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.