Newmark : Completes $68 Million Sale of Fully Leased Building in Menlo Park, California

January 12, 2023 9:00 AM

Newmark[1] announces it has completed the sale of a 44,719-square-foot building in Menlo Park, California for $68 million. The property is fully occupied, home to Menlo Medical Clinic, a partner with Stanford Health Care.

Newmark Executive Vice Chairman and President, Western Region Capital MarketsSteven Golubchik, Vice Chairman Edmund Najera, Senior Managing Directors Jonathan Schaefler and Jesse Millman and Director Darren Hollak facilitated the transaction. The buyer was Morgan Stanley, and the seller was Pollock Financial Group.

"321 Middlefield received strong investor interest, displaying resilience within the medical office vertical," said Golubchik. "Despite market turbulence, numerous groups pursued the acquisition of the property given its core location and tenant profile."

The property, located at 321 Middlefield Road, is within a 10-minute drive from Stanford Hospital, the only Level-1 Trauma Center on the San Francisco Peninsula. Stanford Hospital offers 605 licensed beds, 101 licensed ICU beds and world-renowned staffing with over 23,451 employees, medical staff, nurses, residents and fellows. The hospital provides over two million outpatient visits, including 450 life flight transports annually.

321 Middlefield is nestled within the mid-Peninsula city of Menlo Park with a medium household income of $160,000 and median property value of over $2,000,000. The South Peninsula market totals approximately 39 million square feet of office space, with Menlo Park accounting for 6.5 million square feet of that space with a 12% vacancy rate, according to Newmark Research.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark's company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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