Newmark Completes Sale of Class A Office Building in Silicon Valley’s Mountain View Submarket

August 26, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of a boutique, Class A office building located at 700 East El Camino Real in Mountain View, California. The 50,547-square-foot building sold for an undisclosed amount.

Newmark Executive Vice Chairman and President, Western Region Capital MarketsSteven Golubchik, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Managing Director Darren Hollak represented the undisclosed buyer and seller in the transaction.

"This transaction was a rare opportunity to acquire a newly renovated office building at a substantial discount to replacement cost," said Najera. "The property has minimal future capital requirements and substantial upside, which generated strong investor interest, especially among high-net-worth capital sources."

The property is centrally located along the El Camino Corridor of Mountain View, presenting convenient access to both executive and employee housing. Additionally, the property offers direct access to an extensive retail amenity base, including Starbucks, Starbird, Chalateco and Satsuma Sushi as well as hotels such as Marriott, Aloft Hotels and Hotel Avante.

700 East El Camino offers an ideal mix of new or spec suites, ranging from 2,000 to 17,000 square feet, providing move-in-ready office space for professional services and tech firms. The recent renovation included substantial improvements such as modern landscaping, communal outdoor areas, expansive glass lines and common area upgrades.

In recent years, Mountain View has seen a surge in demand for smaller office suites, with 83% of leasing activity focused on spaces under 10,000 square feet, according to Newmark Research. The trend is likely driven by remote work, downsizing, and startup growth, making properties like 700 East El Camino Real increasingly appealing.

[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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