(EDITOR’S NOTE: According to public documents, the property was purchased by an entity associated with Palo Alto-based Wheatley Properties. The sell was Menlo Park-based Tarlton Properties.)
San Francisco, CA (May 26, 2022) — Newmark announces it has completed the sale of 250 Cambridge Ave., a three-story transit-oriented office building located in Palo Alto, California. The asset sold for $39.3 million ($1,137 per square foot).
Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Senior Managing Directors Seth McKinnon and Jonathan Schaefler and Director Darren Hollak facilitated the transaction. The seller was Tarlton Properties Inc., and the buyer was 250 Cambridge LP. Newmark Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz arranged the acquisition financing with a regional bank.
“Investor demand for well-located value-add office assets within Palo Alto remains strong,” said McKinnon. “The irreplaceable Caltrain-oriented location of 250 Cambridge generated substantial demand and a very competitive sales process.”
250 Cambridge is comprised of 34,558 square feet of office space along with a 29-stall on-site parking garage. Current ownership has designed a best-in-class renovation which is pending approval from the planning commission, compressing the timeline for delivery to market.
Situated in the heart of Palo Alto’s California Avenue corridor, 250 Cambridge is a five-minute drive from Stanford Research Park, a leading life science and technology cluster with tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP. The property offers direct access to Caltrain and has easy access to a range of different retail amenities including Mollie Stone’s Market, The Counter, Zombie Runner Espresso, Palo Alto Sol, Pizz’a Chicago, Starbucks and Chipotle.
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. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world.