San Ramon, CA – Newmark Knight Frank (NKF) has announced the sale of a 2-story, state-of-the-art 103,182 square foot R&D building in San Ramon located at 4600 Norris Canyon Road. (Note: The sales price was $37,250,000, or just around $361 per square foot.)
NKF Capital Markets Vice Chairman Steven Golubchik, Vice Chairman Grant Lammersen, Executive Managing Director Edmund Najera, Senior Managing Director Tyler Meyerdirk, and Associate Director Darren Hollak represented the seller, a joint venture between Cannae Partners, LLC and New York Life Investors, in the transaction to the buyer Madison Marquette.
The facility is 100% leased for a term of 20 years. The best in class research & development building serves as an office space allowing the tenant to consolidate their operations. The property recently received$205 PSF of tenant improvements that provided renovations to the landscaping, interiors and exteriors of the facility.
“The Tri-Valley market is rapidly evolving into a hub of technology and new industries that will continue to attract high skilled workers to the San Ramon area,” said Lammersen.
The property is located one mile from the City Center Bishop Ranch, a new public square with 300,000 square feet of upscale retail, hotel, dining options and entertainment experiences.About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.