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August 14, 2024 9:00 AM

�ǿ�����app����[1] announces it has arranged the sale of Silicon Valley Innovation Hub, a 146,159-square-foot, state-of-the-art building in San Jose, California that is fully leased to . The property traded for $81.5 million.

�ǿ�����app���� Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, 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.��

Established in 1668, Merck KGaA, Darmstadt, Germany, is one of the most long-standing, innovative science and technology companies in the world. The property supports both the existing and future scopes for the company, with direct connections to resources, market access, extensive expertise as well as countless technological opportunities through local relationships and partnerships.

“It is always bittersweet to sell an asset that fits so perfectly into our strategy of buying, renovating and creating cutting edge infrastructure buildings, but we are elated with the sale,�� said Jamin Seid, a founding principal at Cannae Partners. “It is both a validation of our business plan as well as a testament to �ǿ�����app����’s hard work that even in these choppy times we could have such a robust process and outcome. We are excited for our buyer to enjoy a unique building and a great tenant going forward.��

Located at 3011 N First Street, the hub is located inside Silicon Valley’s Golden Triangle and is surrounded by some of the world’s most recognizable companies including Google, Microsoft, Samsung and Dell. The property is a short commute from executive and employee housing via the 237, 880 and 101 Freeways and has proximity to abundant retail amenities within the @First Shopping Center.

The property features expansive Class 10 and Class 100 clean room facilities that are supported by world-class infrastructure. Nearly impossible to recreate, the property has an estimated replacement cost of over $200 million, or approximately $1,368 per square foot, which includes acid waste neutralization systems, 32,000 cubic-feet-per-minute exhaust scrubbers, de-ionized water systems and two expansive covered and fully permitted concrete pads.

The buyer was represented by Michael Hartel and Nick Velasquez of Colliers International.

[1] Dba �ǿ�����app���� Knight Frank in California

About �ǿ�����app����
�ǿ�����app���� Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“�ǿ�����app������), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. �ǿ�����app����’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, �ǿ�����app���� provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, �ǿ�����app���� generated revenues of approximately $2.5 billion. As of June 30, 2024, �ǿ�����app����’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow .

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