Menlo Park Office Trades For $103M: The Bay Area Deal Sheet
Four Corners Properties and CBRE closed the $103M sale of 1540 El Camino Real, a 45K SF trophy office building in Menlo Park, to an undisclosed buyer. FCP acquired the property in 2022 for $23M.
The building is 100% leased to tenants including law firm Sheppard Mullin and investment firm Glynn Capital, according to the Silicon Valley Business Journal.
Four Corners intends to use the proceeds from the sale, along with another sale in Sunnyvale, to purchase other properties, the SFBT reported. It recently purchased the Quantum Tech Park in North San Jose and told the publication its acquisition strategy right now is "aggressive."
SALES
Newmark arranged the sale of the Altamont shallow-bay industrial portfolio in Livermore, acquired by Overton Moore Properties for an undisclosed price. Steven Golubchik, Edmund Najera, Darren Hollak and Brendan Raney of Newmark represented the seller, Principal Real Estate.
LEASES
Cushman & Wakefield arranged a long-term lease renewal for Forward Air, a 234K SF manufacturing facility at the Alvarado Business Center in Union City, where the tenant will remain in 136K SF. Kate Woodcox, Rory Murray, Nicholas Bruha and Rusty Smith of Cushman & Wakefield represented the tenant.
***
Wareham Development signed a full-floor lease through 2029 with CytomX Therapeutics for 35K SF at 5959 Horton St. in Emeryville. James Bennett, Charlie Moran and Mike Raffetto of CBRE represented Wareham, while Paul McManus and Tucker Forbes of Colliers represented CytomX.
FINANCING
Berkadia secured a joint venture equity partner on behalf of an institutional client for the development of Aurum, a 336-unit multifamily project in Fremont. Brett Betzler and Kaohu Berg-Hee brokered the deal. Located at 3300 Innovation Way, delivery is expected in 2027.
***
Mesa West Capital provided a $201M loan package to a joint venture between Interstate Equities Corp. and PGIM for the acquisition of four multifamily properties totaling 574 units. The portfolio spans Seattle and Bay Area markets, including Mountain View, Redwood City and Sunnyvale. Eastdil Secured arranged financing.
PEOPLE
Kenneth Kecskes has joined Cox, Castle & Nicholson LLP as a partner. He previously served as a partner at K&L Gates. Kecskes specializes in land use and regulatory compliance, including California Environmental Quality Act strategy, entitlement and subdivision approvals, public-private partnerships, brownfield redevelopment and housing-related regulatory frameworks. He will support Cox Castle’s inbound international real estate practice.
