San Jose, CA (11/17/2016)
NGKF Capital Markets today announced the sale of One Eleven Market Square, a 320,559-square-foot, two-tower office property in downtown San Jose. San Francisco-based real estate firm Ridge Capital Investors, LLC purchased the property in partnership with an undisclosed commingled discretionary equity fund. Independent investment firm Swift Real Estate Partners sold the property after the completion of significant capital improvements in just over two years of ownership.
Currently 78% leased to a diverse tenant mix across a wide spectrum of industries, One Eleven Market Square tenants include Pacific Business Centers, Rockwell Automation, Inc., Kerio Technologies, Inc., BAM Labs, Opportunity Fund and Diamanti.
"Market Square is positioned at the apex of the downtown San Jose resurgence," said Steve Golubchik, co-head of NGKF Capital Markets Northern California who handled the sale together with Edmund Najera and Ben Bucci. "Substantial residential development in the surrounding area coupled with exceptional access to public transit and retail amenities makes Market Square a compelling opportunity."
Strategically located in the heart of downtown San Jose, One Eleven Market Square is comprised of two towers - 111 West St. John Street rises 12 stories and encompasses 163,775 square feet; 111 North Market Street is 10 stories and includes 156,784 square feet. San Jose's iconic food and entertainment hub, San Pedro Square, is adjacent to One Eleven Market Square, and tenants enjoy access to more than 100 immediate amenities within walking distance. The transit-oriented property is steps from the VTA Light Rail with Caltrain and the future BART station within walking distance, and it also offers convenient access to Highways 101, 280 and 880 as well as State Route 87.
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 Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF'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, appraisal, and valuation 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.
NGKF 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.
About Ridge Capital Investors
Ridge Capital Investors, LLC ("RCI") is a San Francisco based real estate investment and operating firm that partners with institutional and private capital providers to invest in value-added and opportunistic apartment and office assets. Collectively, the principals of RCI have developed and invested in over $1.6 billion of apartment assets across the US and $1.5 billion of office assets, primarily on the West Coast. Since its inception in 2011, the Company has invested in over $350 million of value added and opportunistic real estate.