Newmark has successfully facilitated the sale of 1010 Rincon Cir., a state-of-the-art R&D facility located in San Jose. The property, spanning 90,871 square feet, was sold for an undisclosed amount and is fully leased to Quanta Cloud Technology (QCT) for its U.S. headquarters.
The seller, Machine Investment Group, was represented by Newmark’s executive vice chairman and president of western region capital markets Steven Golubchik along with vice chairman Edmund Najera and senior managing director Jonathan Schaefler and managing director Darren Hollak. Funds managed by Blue Owl Capital acquired the property.
According to Golubchik: “1010 Rincon presents a prime opportunity for consistent cash flow over the next decade through its lease with QCT – a leading AI server company operating out of this cutting-edge R&D facility.” He also highlighted that there has been an increase in demand for AI-driven facilities in the San Francisco Bay Area – known as a hub for technological innovation – making properties like 1010 Rincon highly sought after in commercial real estate.
As one of Nvidia’s top partners along with Google Cloud, Sony and Amazon Webservices,QCT specializes in designing, engineering,and manufacturing server storageand networking products.The recent sale marks another milestone achievementfor QCT as it continues to expandits presenceinthe U.S.market.The news was first reported on Connect CRE.
