(EDITOR’S NOTE: According to public documents cited by the San Jose Mercury News, the sales price for the complex was $284 million. The buyer of the property was San Francisco-based Jay Paul. The transaction closed July 23, 2018.)
San Jose, CA (July 25, 2018) – NKF Capital Markets has announced the sale of City View Plaza, an 11-acre 579,541-square-foot mixed-use project located in downtown San Jose. The unique site encompasses 534,036 square feet of office space, 45,505-square feet of retail space, a 138,000-square-foot plaza and 1,071 parking stalls.
NKF Capital Markets Vice Chairman Steven Golubchik, Executive Managing Director Edmund Najera and Senior Analyst David Hosler represented the seller Equus Capital Partners, Ltd. in the transaction.
City View Plaza spans an entire city block and includes a mix of class A office buildings. It is directly across from the Adobe Worldwide Headquarters and provides immediate access to both Caltrain and a planned BART. City View Plaza is located blocks from downtown light rail stops and about a mile from the Diridon Transit station. Google has already announced plans to inhabit 8 million square feet of office space close to the property which is estimated to bring 20,000 new Google employees to the area.
“Downtown San Jose is one of the only true urban submarkets in the Bay Area outside of San Francisco. With one of the largest Caltrain stations and a BART line under development, Downtown San Jose will be one of the most easily accessible and interconnected locations in Northern California making this a strategic investment,” said Golubchik.
Google has already committed to bringing 20,000 new jobs to a new 8 million square foot campus, making it the largest Google campus in North America. Other companies, such as Adobe, have earmarked Downtown San Jose as growth location. Adobe plans to develop additional office space in downtown, adding an estimated 10,000 jobs to the area.
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 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
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”.