10:00 AM
Newmark Cornish & Carey (NCC) announced it has completed more than 30,000 square feet of leasing activity at Walnut Creek Center, a two-building, 257,092-square-foot class A office property in Walnut Creek, CA. The ownership, a joint venture between Align Real Estate and PCCP, LLC, acquired the property six months ago. Built in 1983, Walnut Creek Center is located at 100 and 200 Pringle Avenue and is proximate to Interstate 680 and immediately adjacent to the Walnut Creek BART station.
Executive Managing Director Breck Lutz with Newmark Cornish & Carey’s Walnut Creek office represented the ownership on lease negotiations.
Walnut Creek Center’s occupancy is 98 percent. Strong leasing activity was the result of aggressive deal making and a planned major renovation of the property that will include upgrades to the lobby, the addition of a new outdoor amenity/collaboration deck, and a new conference center.
NCC has completed a total of nine leases over the past six months. Leasing activity at the project encompassed a mix of new tenants and renewals/expansions of existing tenants. New leases include LitiNomics, a financial consultant that relocated from Oakland and McCarthy Building Companies, Inc., which was interested in locating adjacent to Walnut Creek Transit Village, its under-construction mixed-use project of 590 apartments and 35,000 square feet of retail. Other executed leases include Capital Planning Advisors, BSI Medical Services Management, Beltek Holdings, Inc., Brown, Gee & Wenger LLP, Hemlock Printers USA, Inc., Law Offices of Grundman & Deane, and Madsen Kneppers.
“On behalf of the ownership, NCC continues to negotiate new leases as well as work with tenants that have leases expiring soon. These efforts are further strengthening and stabilizing this premier office asset. We have had a strong response from users throughout the region that are interested in leasing upcoming vacancies at Walnut Creek Center ranging from 2,500 square feet to up to 24,000 square feet,” said Lutz.
Lutz added, “Walnut Creek Center stands out as the closest office building in the market to BART, within walking distance to downtown amenities, and near development of more than 3,000 new multifamily units, including the adjacent Walnut Creek Transit Village at Walnut Creek BART. Businesses in pricier areas are realizing that they can reduce rents by locating at Walnut Creek Center as rents are about 35 percent less than Oakland and about 70 percent less than those of downtown San Francisco.”
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.