Newmark arranged the sale of EmeryTech, a creative office campus at 1400 65th St. in Emeryville for an undisclosed sum. Executive Vice Chairman and President, Western Region Capital Markets Steve Golubchik, Vice Chairman Edmund Najera and Senior Managing Director Darren Hollak represented buyer Cannae Partners as well as the undisclosed seller.
Comprising 234,016 square feet, EmeryTech benefits from more than $37.9 million in recent capital improvements. It is currently 66.9% leased and anchored by Premier Nutrition, which recently executed a long-term, 10-year lease.
“EmeryTech checked every box investors are looking for in the East Bay: institutional-quality construction, significant recent capital investment, durable cash flow and a location at the center of the region’s innovation economy,” said Golubchik. “As office fundamentals continue to stabilize, opportunities to acquire a truly differentiated creative campus at a basis well below replacement cost are increasingly difficult to find. Cannae recognized that value and moved decisively.”
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