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Merck-Leased San Jose Property Goes for $81M
Newmark arranged the sale of Silicon Valley Innovation Hub, a 146,159-square-foot building located at 3011 N. 1st St. in San Jose that is fully leased to Merck KGaA, Darmstadt, Germany. The property traded for $81.5 million.
Steven Golubchik, Newmark Executive Vice Chairman and President, Western Region Capital Markets, vice chairman Edmund Najera, senior managing director Jonathan Schaefler and managing director Darren Hollak represented the seller, a joint venture between Cannae Partners and Blue Vista Capital Management, LLC. The buyer was Klein Investments Family Limited Partnership.
“Silicon Valley Innovation Hub benefitted from strong investor interest given the robust existing infrastructure and a long-term commitment from Merck KGaA, Darmstadt, Germany,” said Golubchik. “We are seeing a thematic change from investors, who are focused on long-term investments with infrastructure.”
- ◦Sale/Acquisition
