(EDITOR’S NOTE: According to public documents, the sale closed for $40 million on September 7, 2018. This brings the per square foot pricing to just under $807 per square foot.)
San Francisco, CA (September 10, 2018) — NKF Capital Markets has completed the sale of 700 East El Camino Real, a three-story, 49,570-square-foot Class A office property in Mountain View, CA.
NKF Capital Markets Vice Chairman Steven Golubchik and Executive Managing Director Edmund Najera represented the seller, TA Realty. The buyer, Miramar Capital, was self-represented.
Built in 1985 and situated on just over two acres, 700 East El Camino Real underwent an extensive renovation in 2017. The renovation included the addition of a new communal patio area, renovated common corridors and restrooms, and new exterior signage along East El Camino Real. Additionally, several tenant suites were converted to creative spaces. The property is approximately 91 percent occupied by seven tenants from a mix of industry sectors.
“700 East El Camino Real is a recently renovated and institutionally owned and operated asset that is near a number of major Silicon Valley headquarters including Facebook, Google, Oracle and Cisco to name a few,” said Najera. “This property is poised to continue to attract small to mid-sized users that are looking to be within this flourishing tech hub.”
The property is centrally located in the heart of Silicon Valley along Highway 85 providing quick and direct access to all of the region. The Silicon Valley office market consists of 84.1 million square feet of rentable area across nine major cities, and is regarded as one of the top markets in the nation.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.