Newmark recently facilitated the sale of a fully leased 146,159-square-foot building in San Jose known as Silicon Valley Innovation Hub. The property, located at 3011 N. 1st St., was sold for $81.5 million and is currently occupied by Merck KGaA from Darmstadt, Germany.
The seller, a joint venture between Cannae Partners and Blue Vista Capital Management LLC, was represented by Newmark’s Executive Vice Chairman and President of Western Region Capital Markets Steven Golubchik along with vice chairman Edmund Najera, senior managing director Jonathan Schaefler and managing director Darren Hollak. The buyer was Klein Investments Family Limited Partnership.
According to Golubchik: “Silicon Valley Innovation Hub generated significant interest from investors due to its strong existing infrastructure and long-term commitment from Merck KGaA.” He also noted that there has been a shift in investor focus towards long-term investments with solid infrastructure support.
