Newmark facilitated the sale of The Plaza at Walnut Creek, a prestigious 362,399-square-foot office complex located in San Francisco’s East Bay market. Situated at 1331 and 1333 N. California Blvd., the property was sold for $162 million, making it reportedly the largest multi-tenant office sale on the West Coast since 2022.
The transaction was led by Steven Golubchik, president of Western region capital markets; vice chairman Edmund Najera; managing director Darren Hollak; and associate director Francesca Zappula who represented Clarion Partners in their sale to PSAI Realty Partners. Newmark’s vice chairman Breck Lutz, senior managing director Alex Grell and managing director Danny Bartz will continue to serve as leasing advisors for the property.
According to Golubchik: “This opportunity presented investors with a rare chance to acquire a top-performing asset in this highly sought-after region.” Despite recent declines in occupancy rates and rental prices within the office sector overall, The Plaza at Walnut Creek has consistently maintained high levels of occupancy and achieved significant increases in rental rates since 2019.
The two multi-tenant buildings that make up The Plaza also feature an underground parking garage. At the time of its sale, it boasted an impressive lease rate of over 93%.
