Newmark : and Sterling Bay Announce Pacific Center in San Diego Attracts $290 Million Refinancing Investment

About this update from Newmark Group, Inc.

May 28, 2026 9:00 AM Newmark and Sterling Bay announce the $290 million refinancing of Pacific Center, a newly built, Class A life sciences campus in San Diego's Sorrento Mesa. The refinancing includes $162.5 million of future funding, providing substantial leasing and carry reserves to support continued occupancy growth. Newmark Co-President of Global Debt & Structured Finance Jonathan Firestone , Vice Chairman Blake Thompson and Director Jack Condon represented the sponsor, a joint venture between Sterling Bay and an institutional partner. The financing was provided by Peregren Capital Group. "This refinancing underscores lender confidence in best-in-class life science assets and high-quality institutional sponsorship," said Firestone. "Pacific Center's scale and central Sorrento Mesa location position it as a flagship campus capable of supporting the region's leading innovators over the long term." Delivered in 2025, Pacific Center comprises approximately 525,000 square feet across a purpose-built, next-generation laboratory campus featuring an all-electric, LEED Gold-certified design with flexible 36,000- to 55,000-square-foot floorplates and up to 18-foot floor-to-floor heights. The project is designed to accommodate a range of tenant requirements, from early-stage R&D to scaled operational uses. The campus offers a curated amenity suite and a prime Sorrento Mesa location near UC San Diego, The Scripps Research Institute and the Salk Institute, major transportation corridors and the Sorrento Valley Coaster Station, as well as Westfield UTC. "By blending hospitality-focused amenities and industry-leading functionality, Pacific Center stands out in the West Coast life sciences market," said Andy Gloor, CEO of Sterling Bay. "This investment reinforces the confidence in long-term demand for the differentiated Class A assets that are Sterling Bay's signature. We see significant opportunity in Pacific Center and look forward to the continued evolution of this workplace destination alongside our partner and Peregren." According to Newmark Research , strengthening venture capital flows into San Diego's biotechnology sector are beginning to translate into renewed leasing activity, with recently funded tenants prioritizing high-quality, move-in-ready lab space in core submarkets such as Sorrento Mesa and UTC/Torrey Pines. About Sterling Bay Sterling Bay is a design- and hospitality-driven real estate company that boldly transforms spaces, industries and communities across the country, sparking growth and opportunity at every turn. We build strategic relationships with leading institutions to create innovative, collaborative environments that deliver superior financial performance across our core areas of expertise: office, life sciences, residential, retail, industrial and master planning. Sterling Bay's team of over 50 professionals manages a national portfolio of approximately 11 million square feet and a development pipeline with over $5B in total project capitalization. For more information, visit www.sterlingbay.com . About Peregren Capital Group Founded by Tucker Hughes and Tripp Taylor, Peregren Capital Group is an institutionally backed real estate credit investment firm focused on the Western, Central, and Southern United States. Peregren invests across a variety of real estate credit strategies, including senior and mezzanine loans, note purchases, & preferred equity. Peregren has offices in Austin, TX and Newport Beach, CA. For more information, visit peregren.com . 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 twelve months ended March 31, 2026, Newmark generated revenues of more than $3.4 billion. As of March 31, 2026, Newmark and its business partners together operated from over 185 offices with more than 9,600 professionals across four continents. To learn more, visit nmrk.com or follow @newmark . Discussion of Forward-Looking Statements about Newmark Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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