(EDITOR’S NOTE: According to public records filed with the county, the seller, Portland, Ore.-based Gerding Edlen, sold the property on September 18, 2019 to PSAI Realty Partners for $50,750,000, or roughly $401 per square foot.)
Emeryville, CA – Newmark Knight Frank (NKF) is pleased to announce the sale of The Atrium located at 1650 65th Street. The 126,509 square foot building is currently leased to Zymergen, and the lease offers the ability to structure an early termination. The asset will provide a blank slate opportunity to reposition the asset for both life science and office tenants.
NKF Capital Markets Head Steven Golubchik, Vice Chairman Grant Lammersen, Executive Managing Director Edmund Najera, Senior Managing Director Tyler Meyerdirk, Senior Managing Director Seth McKinnon, and Associate Director Darren Hollak represented seller Gerding Edlen in the transaction to buyer PSAI Realty Partners.
“The Atrium offers large block near term vacancy with the ability to appeal to both life science and office users. The scale offered by the asset will appeal to the largest subset of current tenant demand. says Golubchik.
The Atrium is ideally located with the East Bay’s premier life science cluster. The property is surrounded by several blue-chip life science companies such as Novartis, Bayer, and Grifols. The Atrium can appeal to both life science and technology tenants, accounting for 47% of the 1 million square feet of demand in the market.
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.