Newmark Knight Frank (“Newmark”) announces it has arranged the $16.55 million (roughly $269 per square foot) sale of Bayside Technology Park, a 61,454-square-foot R&D office building in Fremont, California.
“The East Bay is a highly sought-after office submarket in the Greater Silicon Valley, propelled by regional companies looking to grow out of San Francisco and North San Jose/Santa Clara,” said Shaffer. “Demand for high-end R&D office product in this vicinity remains high. Moreover, this is a very well positioned Class A asset, especially because of its size for a HQ facility.”
“We are excited to add this asset to our portfolio and are optimistic about the Silicon Valley and Fremont specifically,” said Jamin Seid of Cannae Partners. “47100 Bayside has excellent optionality to be an office headquarters, high-end manufacturing or life science product. We are looking forward to renovating and leasing up this building.”
The current tenant will soon vacate the premises, and Newmark will be marketing the building for lease in Q2 2022. The Greater Fremont/Milpitas market gained momentum in the second quarter of 2021 as tours and deal flow activity have increased significantly, according to Newmark Research. Rents held firm quarter over quarter and vacancy rates declined to +/-7 percent. The lab sector continues to be the strongest, with demand continuing to outpace inventory.
About Cannae Partners
Cannae Partners, formed in 2010, is a value added real estate investment firm that focuses on the West Coast, specifically the Bay Area. Cannae primarily invests in advanced research and development facilities or assets that support emerging technologies. Cannae is aggressively working to build its portfolio of ‘best in class’ R&D properties and expects to expand its presence significantly in the near term. Cannae is headquartered in San Francisco and invests on its own or on behalf of its institutional partners. More information is available by visiting our website, www.cannaepartners.com.
About Blue Vista
Blue Vista is a Chicago-based leading real estate investment management firm dedicated to developing long-term relationships, serving investor interests and delivering consistent performance through a rigorous academic and research-driven investment process. Blue Vista’s value-creating platform offers a national footprint in the U.S. and Canada, local operating expertise, and best-in-class investment strategies focused exclusively on student housing, middle market real estate and lending. Since the firm’s inception in 2002, Blue Vista has invested over $10.5 billion in total capitalized value through institutional real estate vehicles. For more information please visit https://bluevistallc.com.
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. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.