Newmark arranged the sale of Tower Plaza, a 207,678-square-foot, five-building office campus located at 2121 S. El Camino Real in San Mateo. The asset was acquired by Tourbineau Real Estate Partners for $22 million, approximately $106 per square foot, making it one of the most notable Peninsula office trades of the year.

Executive vice chairman and president, Western Region Capital Markets Steven Golubchik, vice chairman Edmund Najera, managing director Darren Hollak and associate directors Francesca Zappula and Brendan Raney represented the seller and the buyer.

“Tower Plaza attracted an incredibly diverse pool of bidders, including value-add office buyers, residential developers and groups exploring hybrid repositioning strategies,” said Golubchik. “Its scale, transit orientation and underlying land value created one of the most competitive marketing processes we’ve seen on the Peninsula in recent years.”

Currently 27% leased, the 3.36-acre site features a 12-story tower and four low-rise buildings, along with 607 parking stalls and panoramic views, making it a candidate for either lease-up or adaptive reuse as residential.

Photo courtesy of Swift Real Estate Partners.