September 22, 2021 12:00
Newmark Knight Frank (“Newmark”) announces that it has secured the lease of One Sansome Street, a 42-story office tower and LEED Platinum-certified building in the heart of San Francisco’s financial district.
Newmark Vice Presidents Mike Brown and Elizabeth Hart, Executive Managing Director Roman Adler and Managing Director Aaron Gillespie represent the space on behalf of the owner and the joint venture, Barker Pacific Group (“BPG”) and PGIM Real Estate. BPG has over 30 years of experience in the San Francisco office market, having developed projects from scratch, in addition to owning and managing One Sansome for the past decade.
“We are delighted to partner with the Newmark team,” said Michael Barker, Managing Director of BPG. “Their world class services are sure to bring great prospects to One Sansome, and I look forward to working together to continue to improve and add value to the asset. ”
Located at the intersection of Sansome Street, Sutter Street and Market Street, the 623,824 square foot Class A building offers direct access to BART and Muni via a private tunnel. The property offers panoramic views of San Francisco Bay, the Golden Gate Bridge and the Bay Bridge.
The asset is undergoing a major transformation with the renovation of the Conservatory and the ground floor to include an on-site restaurant and bar, a tenant lounge and conference rooms. The newly designed Conservatory provides private and public open space and a unique venue steeped in San Francisco history for events and informal interactions. The BPG and PGIM Real Estate joint venture has invested more than $ 90 million in the modernization of the building since its acquisition in 2010.
About PGIM Immobilier
As one of the world’s largest property managers with $ 195 billion in gross assets under management and administration,1 PGIM Real Estate strives to deliver exceptional results to investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $ 1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, transparent execution and in-depth industry knowledge are built on a 50-year heritage of investing in commercial real estate, a 140-year history of real estate financing,2 and the in-depth local expertise of professionals in 32 cities around the world. Through its approach to investing, financing, asset management and talent management, PGIM Real Estate engages in practices that generate a positive environmental and social impact, while pursuing activities that strengthen communities in worldwide. For more information, visit pgimrealestate.com.
1 As of June 30, 2021, net assets under management were $ 130 billion and assets under management were $ 43 billion.
2 Includes existing loans through PGIM’s parent company, PFI.
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Our full range of services and products are uniquely tailored to each client, from owners to occupants, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues of over $ 1.9 billion. Newmark, together with its London partner Knight Frank and independent licensees, operates worldwide from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
Discussion of forward-looking statements regarding Newmark
Statements contained in this document about Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements regarding the effects of the COVID-19 pandemic on the business, results, financial condition, liquidity and prospects of the Company, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, perhaps materially, from what is currently expected. Except as required by law, Newmark assumes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in forward-looking statements, see Newmark’s Securities and Exchange Commission documents, including, but not limited to, the risk factors and the special note on Forward-looking information set out in these documents and any updates to these risk factors and the special note on forward-looking information contained in subsequent reports on Form 10-K, Form 10- Q or Form 8-K.