Bucksbaum Properties, LLC has acquired One El Paseo Plaza, a mixed-use office campus in Palm Desert, in a transaction arranged by Newmark. The property traded for $25.75 million, with Newmark facilitating the sale on behalf of an undisclosed seller. The campus comprises three buildings totaling 86,835 square feet and is positioned at 74-199 El Paseo Drive and 74-225 and 74-245 Highway 111.
The asset sits on approximately five acres at the intersection of El Paseo Drive and Highway 111, a prominent location in Palm Desert and the broader Coachella Valley. The campus includes multiple office buildings along with a single-story restaurant building, creating a mixed-use environment that combines professional services with dining.
Newmark’s Capital Markets team represented the seller in the disposition. The brokerage team was led by Kevin Shannon, co-head of U.S. Capital Markets, alongside senior managing director Scott Schumacher, vice chairman Ken White and executive managing director Rick Reeder. The buyer, Bucksbaum Properties, is not further described in the announcement, and the seller remains unnamed.
One El Paseo Plaza is anchored by a roster of financial, insurance and real estate-related tenants. Major occupants include Morgan Stanley, Royal Bank of Canada, Wells Fargo Advisors and Compass Real Estate, along with Shogun Restaurant in the single-story restaurant building. According to Newmark’s Kevin Shannon, the property has historically drawn strong credit tenants, a trend he links to the campus’s construction quality, architectural design and central location in the Coachella Valley.
Shannon also noted that the property offers opportunities to increase value over time. These include leasing current vacancies and addressing expiring below-market rents. He framed these prospects against what he characterized as a limited supply of competing premier Class A office assets in the Coachella Valley, suggesting that high-quality product in this segment remains relatively scarce in the local market.
The sale of One El Paseo Plaza highlights ongoing investor interest in well-located, mixed-use office assets with established financial and professional services tenancy. The combination of credit-worthy occupants, a central location and identified upside through lease-up and rent optimization positions the campus as a value-enhancement opportunity for its new owner within the Palm Desert and Coachella Valley office market.
