Newmark Knight Frank Sees Tech Drive Peninsula Office Market
As in San Francisco, submarkets farther down the Peninsula have seen the technology sector drive a number of new deals, including several recently brokered by Newmark Knight Frank.
In June, fintech startup Upstart Holdings signed a lease for 48K SF at San Mateo's Bay Meadows transit village. The company, which uses machine learning to predict creditworthiness, is subleasing the space from cloud-based data warehouse provider Snowflake, according to NKF.
Christian Prelle and Carter Lyman of NKF represented Upstart in the deal at 2950 Delaware St., while Graham Woodall and Jeff Rodgers of NKF represented Snowflake. Upstart's new space is in the recently finished third building of Bay Meadows, a massive transit village developed by Wilson Meany and owned by Stockbridge Capital.
Two miles away in Foster City, mobile gaming company Glu Mobile grabbed 25K SF in West Tower in landlord Heitman's Parkside Towers complex. In a deal that also closed in June, Josh Rowell and Craig Kalinowski of NKF represented Heitman, according to NKF.
Glu Mobile will occupy space on the fifth floor of the tower at 1001 East Hillsdale Blvd. through January 2027.
Elsewhere, NKF orchestrated several deals in other still-hot office markets to both tech and other tenants.
French company Havas grabbed 17K SF on the 18th floor of 345 California Center. Lauren Whitlock and Liz Hart of NKF represented the Paris-based global advertising and communications company.
On the tech front, NKF also led two high-profile deals in the San Jose office market.
In July, accounting software company Sage Intacct renewed and increased its footprint in the city's Riverpark Towers office complex. Sage Intacct, which had been leasing about 98K SF through five floors at the 300 Park Ave. tower, signed on for 20K SF and another floor, the Mercury News reported in August.
In North San Jose, Roku grabbed 163K SF at developer Hunter Storm's Coleman Highline office complex. Represented by NKF's Phil Mahoney and Jeff Rodgers, the streaming device company brought its total campus size to 730K SF with the lease, signed in May.