Dealmaker: Newmark Sells Palo Alto Office for $39M

Newmark, New York, sold 250 Cambridge, a three-story Palo Alto, Calif. office building, for $39.3 million.

Tarlton Properties Inc., Menlo Park, Calif., sold the property to 250 Cambridge LP, Palo Alto.

Newmark Executive Vice Chairman and President of Western Region Capital Markets Steven Golubchik, Senior Managing Directors Seth McKinnon and Jonathan Schaefler and Director Darren Hollak closed the transaction. Newmark Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz placed the acquisition financing with a regional bank.

“Investor demand for well-located value-add office assets within Palo Alto remains strong,” McKinnon said. He noted 250 Cambridge’s Caltrain commuter rail-oriented location generated substantial demand and a competitive sales process.

250 Cambridge totals 34,560 square feet of office space and a 29-stall on-site parking garage. Tarlton Properties designed a renovation currently pending approval from the planning commission, compressing the timeline for delivery to market.

Located in Palo Alto’s California Avenue corridor, 250 Cambridge is a five-minute drive from Stanford Research Park, a large life science and technology cluster with tenants such as VMWare, Guardant Health, Kodiak Bioscience, Tesla and SAP. The property offers direct access to retail amenities including Mollie Stone’s Market, The Counter, Zombie Runner Espresso, Palo Alto Sol and Pizz’a Chicago.