(EDITOR’S NOTE: According to public documents, the sale closed on November 16, 2016 for $46,750,000, or approximately $454 per square foot.)
Mill Valley, CA (January 10, 2017) —Representing one of Marin County’s most significant sales of 2016, Newmark Cornish & Carey completed the sale of the 103,000-square-foot Belvedere Place. A partnership entity formed between privately-held real estate merchant bank ScanlanKemperBard (SKB) and privately-held investment advisor Angelo, Gordon & Co. (Angelo, Gordon) purchased the Class A office property from Bently Holdings.
“We are pleased to add Belvedere Place to our portfolio of premium properties,” said John Olivier, senior vice president of SKB. “Belvedere Place perfectly complements our Novato office complex, Hamilton Landing – we now hold both Southern and Northern Marin’s most prestigious properties where we can best support cutting-edge companies.”
Constructed in 2000, Belvedere Place is Southern Marin’s newest office building featuring creative space with exposed ceilings, operable windows, a zen garden and covered parking. SKB and Angelo, Gordon plan to further enhance the property by updating the exterior of the buildings, augmenting the landscaping with outdoor shared gathering spaces and constructing a gym complete with showers, lockers, bike lockers and bike storage.
At the time of sale, Belvedere Place was 60 percent leased. Recently, global financial services firm UBS leased 7,000 square feet at the property and Merrill Lynch Wealth Management renewed its 18,000-square-foot lease.
“Featuring thoughtful architecture combined with the highest quality finishes, Belvedere Place is Southern Marin’s most innovative place to do business,” said Haden Ongaro, a Newmark Cornish & Carey executive vice president who represented both parties in the sale together with Mac Cranford and Mark Carrington. The team also represents the property for lease.
Located at 1 and 2 Belvedere Place in Mill Valley, the property is adjacent to Strawberry Village, Marin’s “buy local” shopping haven where shopping, dining and services abound. Belvedere Place features excellent freeway visibility off of Highway 101 and is just a 20-minute drive from downtown San Francisco.
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.