Newmark Group announced on October 23, 2024, that it advised on the $162 million sale of The Plaza at Walnut Creek, a 362,399-square-foot office complex in San Francisco's East Bay market. This transaction represents the largest multi-tenant office sale on the West Coast since 2022.
Newmark's team, including Executive Vice Chairman Steven Golubchik, represented the seller, Clarion Partners, in the sale to PSAI Realty Partners. The property was 93% leased at the time of sale and achieved market-leading occupancy of 91% over the last five years.
The sale generated strong investor interest, attracting a wide range of potential suitors including foreign and state pension and core-plus office capital. This indicates a continued demand for top-performing assets in the region, despite general pullbacks in occupancy and rental rates in the office sector.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.