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Newmark Completes Sale of Moffett Green, Fully-Leased Trophy Campus in Silicon Valley
Transaction Marks Largest Single-Asset Investment Office Sale in Silicon Valley History1 SAN FRANCISCO, June 13, 2022 /PRNewswire/ -- Newmark2 announces it
About this update from Newmark Group, Inc.
[{"type":"text","content":"Transaction Marks Largest Single-Asset Investment Office Sale in Silicon Valley History1\nSAN FRANCISCO, June 13, 2022 /PRNewswire/ -- Newmark2 announces it has completed the sale of Moffett Green, a recently renovated trophy campus in Sunnyvale, California. The campus comprises four Class A office buildings, which total 719,037 square feet and are fully leased, handled by Newmark on behalf of Moffett Green, to Meta Platforms, Inc (\"Meta\") on a long-term basis.\n\n \n \n \n \n \n \n\n \nNewmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Co-Head of U.S. Capital Markets Kevin Shannon, Executive Vice Chairman Phil Mahoney, Vice Chairman Edmund Najera, Senior Managing Director Jonathan Schaefler and Director Darren Hollak facilitated the transaction. Newmark represented both the seller, Tishman Speyer, and the buyer CommonWealth Partners, LLC.\n\"The sale of Moffett Green marks the largest office investment trade completed in Silicon Valley history,\" said Golubchik. \"The significant investor interest in this offering underscores the continued demand for trophy assets within high barrier to entry markets. We are thrilled to deliver a strong execution for all involved parties.\"\nGolubchik and his team have executed on more than 60 transactions over the last 24 months with a total consideration over $7 billion. The sale of Moffett Green exceeds the sale of HQ @ First for $535 million and Tibco in Stanford Research Park for $446 million, two additional record-setting transactions in the Bay Area arranged by Newmark in the past year.\n\"Office absorption has been dominated by innovation tenants seeking best-in-class campuses like Moffett Green to attract and retain talent,\" said Shannon. \"Investment capital continues to price these quality campuses aggressively with all cash buyers like CommonWealth enjoying a competitive advantage today given the rise in interest rates.\"\nThe synergy between Newmark leasing and capital markets was a vital component in bringing this transaction to fruition. Mahoney, along with Vice Chairman Michael Saign and Executive Managing Director, Market Leader Jon Mackey served as exclusive leasing advisors for Moffett Green on behalf of Tishman Speyer, and were integral in landing the full-building lease, the largest new private-sector office lease executed acr...