Newmark Completes Full-Building Lease at Hacienda Research Center in Pleasanton, California

August 14, 2024 9:00 AM

Newmark[1] announces it has facilitated a 64,222-square-foot lease with Sutter Health's Palo Alto Medical Foundation at Hacienda Research Center, a single-story research and development (R&D) office building located at 4480 Willow Road in Pleasanton, California.

Newmark Executive Managing Director Dan Watson and Senior Managing Director Jeff Morgenstern represented the landlord, Cannae Partners, which owns the property along with Nashville-based REALM. The Newmark team has advised Cannae Partners for over a decade, completing multiple large lease transactions on its behalf. The tenant, the Palo Alto Medical Foundation, is part of the not-for-profit Sutter Health system.

"We are thrilled to continue our successful relationship with Cannae Partners and to secure such a prominent tenant in the medical field for this property," said Morgenstern. "The Hacienda Research Center is in a prime location, and we are confident the tenant will thrive in its new space."

Watson added, "This lease points to the green shoots of recovery we are beginning to see in the Tri Valley and Greater East Bay office and R&D market, signifying a positive trend and a growing confidence in the region's commercial real estate sector."

The property underwent renovations in 2022 and features ample parking, dock and roll-up doors, an abundant window line, outdoor seating and highly visible signage.

"We are overjoyed that we can announce the second large lease we've completed this year, which feels like some vindication of our thesis when we purchased an empty building post-pandemic," said Bob Basso, a principal and co-founder of San Francisco-based Cannae Partners. "The substantial commitment to the property being made by Sutter further supports Cannae's belief that science, medical and cutting-edge R&D companies will seek out highly functional buildings in great locations that meet their needs."

[1] Dba Newmark Knight Frank in California

About Newmark
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. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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