NGKF Capital Markets today announced the sale of international developer Tishman Speyer’s iconic Walnut Creek property, California Plaza - a 10-story, 394,123-square-foot premier asset. Located at 2121 North California Boulevard, California Plaza is adjacent to the Walnut Creek BART station and features direct frontage along Interstate 680.
“Representing the third 100% interest institutional sales transaction in Walnut Creek since 2009, California Plaza lies within one of the highest barrier-to-entry core submarkets in the San Francisco Bay Area,” said Steve Golubchik, co-head of NGKF Capital Markets Northern California who handled the sale together with Breck Lutz, Tim Walling, Grant Lammersen, and Edmund Najera. “No new buildings have been constructed here since 2003 and very few properties trade hands in this highly desirable area. We saw an abundant amount of interest in this asset, even in today’s market, with investors representing both domestic funds as well as European foreign separate accounts and Asian capital.”
California Plaza is just over 85 percent occupied with a diversified tenant base including Yapstone; CSE Insurance Group; Sutter Health; MWH, now part of Stantec; and Konica Minolta, Inc. Featuring a three-story underground garage, state-of-the-art systems, high-end finishes, dramatic views of Mt. Diablo and first-class tenant amenities, California Plaza is a premium corporate destination.
The amenity-rich location is about to become even more attractive to tenants - California Plaza is adjacent to the master-planned Walnut Creek BART Transit Village, a 16-acre transit-oriented mixed-use development district surrounding the Walnut Creek BART station with a 2017 scheduled groundbreaking.
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.