Washington Holdings Gains City Approval on Retail and Hotel Development in Santa Clara

Washington Holdings, Santa Clara, Silicon Valley, Bay Area, Newmark Grubb Knight Frank, Newmark Cornish & Carey, Mission Park

Washington Holdings, Santa Clara, Silicon Valley, Bay Area, Newmark Grubb Knight Frank, Newmark Cornish & Carey, Mission ParkSanta Clara, CA (September 1, 2016) — Washington Holdings’ 46-acre Mission Park will soon undergo a major transformation as it adds retail and hotel uses to the existing office park. The City of Santa Clara recently approved the addition of 24,000 square feet of retail space, as well as a five-story, 175-room extended stay hotel on the property. Construction will begin in the second quarter of 2017 and completion is anticipated for mid-2018.

“In 2013 we took over Mission Park with the goal of creating a high quality, modern office park catering to small and mid-sized tech companies,” said Casey Holt, vice president and general manager of Washington Holdings, an institutional commercial real estate investor. “With the office building renovations now complete throughout the Park and approvals in place on the retail and hotel redevelopment, our vision for an amenity rich Mission Park will soon be fully realized.”

To date Washington Holdings has invested $20 million in upgrades to building facades, common areas and adding new outdoor amenity spaces and sidewalks creating a more modern, pedestrian-friendly environment. Tenants have responded leasing more than 350,000 square feet in the renovated Mission Park.

“It is critical in today’s competitive marketplace to provide tenants with a thoughtful array of amenities that have become commonplace within large corporate campuses,” said Mike Saign, a Newmark Cornish & Carey senior managing director marketing the project for lease together with Executive Managing Director Jeff Arrillaga and Executive Vice President Todd Shaffer. “The new on-site retail and hotel will complete the package for Mission Park in offering best in class office/R&D facilities for tenants to successfully recruit and retain top Silicon Valley talent.”

Currently comprised of 19 buildings totaling 650,000 square feet, three buildings will be razed to accommodate the new retail and hotel buildings which will leave the property with 560,000 square feet of office/R&D space. Served by a large outdoor patio and courtyard spaces, five retail buildings ranging from approximately 1,300 square feet to 7,200 square feet will house restaurants and other services. Branded Element by Westin, a Starwood Hotel, the modern, extended stay hotel emphasizes sustainability and caters to the frequent traveler.

The retail portion of Mission Park will be marketed for lease by Cushman & Wakefield’s James Chung and Todd Beatty.

Mission Park spans a large stretch of Montague Expressway, bordered by Mission College Boulevard and Lafayette Street in Santa Clara just off Highway 101. It is approximately one mile from Levi’s Stadium.

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.

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