{"id":517593,"date":"2021-07-26T12:03:15","date_gmt":"2021-07-26T16:03:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/"},"modified":"2021-07-26T12:03:15","modified_gmt":"2021-07-26T16:03:15","slug":"newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/","title":{"rendered":"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">SAN DIEGO<\/span>, <span class=\"xn-chron\">July 26, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0<b>Newmark<sup>1<\/sup>\u00a0announces it has<\/b> arranged the sale of Sorrento Towers, a 296,327-square-foot Class A office complex in the heart of Sorrento Mesa, <span class=\"xn-location\">San Diego<\/span>. The asset traded for <span class=\"xn-money\">$146 million<\/span>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1580673\/Newmark_Group_Sorrento_Towers_KBS_1.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1580673\/Newmark_Group_Sorrento_Towers_KBS_1.jpg\" title=\"Image courtesy of KBS\" alt=\"Image courtesy of KBS\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Newmark&#8217;s Co-Head of U.S. Capital Markets <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=1692443569&amp;u=https%3A%2F%2Fwww.nmrk.com%2Fpeople%2Fkevin-shannon&amp;a=Kevin+Shannon\" rel=\"nofollow noopener\"><span class=\"xn-person\">Kevin Shannon<\/span><\/a> and Executive Managing Directors <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=3881858312&amp;u=https%3A%2F%2Fwww.nmrk.com%2Fpeople%2Fbrunson-howard&amp;a=Brunson+Howard\" rel=\"nofollow noopener\"><span class=\"xn-person\">Brunson Howard<\/span><\/a>, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=628213083&amp;u=https%3A%2F%2Fwww.nmrk.com%2Fpeople%2Fken-white&amp;a=Ken+White\" rel=\"nofollow noopener\"><span class=\"xn-person\">Ken White<\/span><\/a> and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=3265243779&amp;u=https%3A%2F%2Fwww.nmrk.com%2Fpeople%2Fpaul-jones&amp;a=Paul+Jones\" rel=\"nofollow noopener\"><span class=\"xn-person\">Paul Jones<\/span><\/a> represented the seller, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=1469949049&amp;u=https%3A%2F%2Fshorenstein.com%2F&amp;a=Shorenstein+Properties\" rel=\"nofollow noopener\">Shorenstein Properties<\/a>. The buyer was Prime US REIT, based in <span class=\"xn-location\">Singapore<\/span>. <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=1745674747&amp;u=https%3A%2F%2Fkbs.com%2F&amp;a=KBS\" rel=\"nofollow noopener\">KBS<\/a> serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on behalf of the portfolio.<\/p>\n<p>&#8220;Sorrento Mesa, and for that matter <span class=\"xn-location\">San Diego<\/span>, is at the confluence of the life science and technology industries in <span class=\"xn-location\">Southern California<\/span>,&#8221; said Howard. &#8220;This transaction is emblematic of how compelling that story is and bodes exceedingly well for this submarket and <span class=\"xn-location\">San Diego<\/span> at large as we transition into a post pandemic marketplace.&#8221;<\/p>\n<p>Shannon added, &#8220;There are a few submarkets nationally where the liquidity post pandemic is better than pre pandemic. Sorrento Mesa is one of them due to the life science engine gobbling up existing office inventory.&#8221;<\/p>\n<p>\n        <span class=\"xn-person\">Sorrento Towers<\/span> is a Class A property, located at 5355 and 5375 Mira Sorrento Place, that consists of two seven-story office buildings situated atop a multi-level parking structure. Built in 1990, <span class=\"xn-person\">Sorrento Towers<\/span> is a LEED Gold-certified life science\/office asset conveniently positioned just south and east of the I-5\/I-805 interchange and accessible to I-15 and other major local roadways. The property is centrally located in the <span class=\"xn-location\">San Diego<\/span> region with easy access to surrounding business centers, public transportation and residential communities.<\/p>\n<p>\n        <span class=\"xn-person\">Sorrento Towers<\/span> is one of three assets KBS has assisted PRIME in acquiring for its portfolio since listing on the Singapore Exchange in 2019. &#8220;At 98.2% occupancy, <span class=\"xn-person\">Sorrento Towers<\/span> is one of the most sought-after properties in <span class=\"xn-location\">San Diego&#8217;s<\/span> premier innovation hub and is within walking distance of over 60,000 square feet of high-quality retail amenities,&#8221; says <span class=\"xn-person\">Gio Cordoves<\/span>, Western regional president for KBS. &#8220;Through this transaction, KBS has assisted PRIME in securing another opportunity to add value to this portfolio.&#8221; <\/p>\n<p>\n        <span class=\"xn-person\">Sorrento Towers<\/span> recently underwent significant common area upgrades totaling more than <span class=\"xn-money\">$8.4 million<\/span> including an expanded first-floor curtain wall that captured additional ground-floor area; a fully renovated, open-air plaza; completely renovated main lobbies; renovated elevator lobbies, elevator cabs and restrooms; and new amenity spaces that include a state-of-the-art fitness center, conferencing spaces, a training center and multiple outdoor, collaborative meeting areas. Additionally, Shorenstein invested approximately <span class=\"xn-money\">$16.7 million<\/span> for new, best-in-class tenant improvements within the last two years alone. KBS is planning a series of additional upgrades to the property, including further restroom renovations, further additions to outdoor meeting areas, space activation and WiFi enhancements.<\/p>\n<p>The Sorrento Mesa submarket is home to <span class=\"xn-location\">San Diego&#8217;s<\/span> largest concentration of technology companies, including those in the life science, biotech and med-tech sectors, telecommunications, wireless applications and healthcare. Life sciences conversions of older office properties has become more prevalent throughout <span class=\"xn-location\">San Diego<\/span> in recent years. The region remains extremely attractive to national technology companies, financial institutions and defense contractors, due to its educated workforce and robust venture capital investments. Net absorption turned positive for <span class=\"xn-location\">San Diego&#8217;s<\/span> office market after five consecutive quarters of losses, posting 127,007 square feet in gains, according to <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=771991735&amp;u=https%3A%2F%2Fwww.nmrk.com%2Finsights%2Fmarket-report%2Fsan-diego-market-reports&amp;a=Newmark+Research\" rel=\"nofollow noopener\">Newmark Research<\/a>.<\/p>\n<p>\n        <b>About Newmark<br \/><\/b>Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (&#8220;Newmark&#8221;), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of <span class=\"xn-money\">$1.9 billion<\/span>. Newmark, together with <span class=\"xn-location\">London<\/span>-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=2923678833&amp;u=https%3A%2F%2Fwww.nmrk.com%2F&amp;a=nmrk.com\" rel=\"nofollow noopener\">nmrk.com<\/a> or follow <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3238154-1&amp;h=2517735480&amp;u=http%3A%2F%2Fnmrk.re%2Ftwitter&amp;a=%40newmark\" rel=\"nofollow noopener\">@newmark<\/a>.<\/p>\n<p>\n        <b>Discussion of Forward-Looking Statements about Newmark<\/b><br \/>\n        <br \/>Statements in this document regarding Newmark that are not historical facts are &#8220;forward-looking statements&#8221; that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company&#8217;s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes 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 the forward-looking statements, see Newmark&#8217;s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.<\/p>\n<p>\n        <sup>1<\/sup>dba <span class=\"xn-person\">Newmark Knight Frank<\/span> in <span class=\"xn-location\">California<\/span><\/p>\n<p \/>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1057994\/Newmark_Group_Inc_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1057994\/Newmark_Group_Inc_Logo.jpg\" title=\"Newmark Group, Inc. (PRNewsfoto\/Newmark Group, Inc.)\" alt=\"Newmark Group, Inc. (PRNewsfoto\/Newmark Group, Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY53465&amp;sd=2021-07-26\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca-301341133.html\">https:\/\/www.prnewswire.com\/news-releases\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca-301341133.html<\/a><\/p>\n<p>SOURCE  Newmark Group, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY53465&amp;Transmission_Id=202107261200PR_NEWS_USPR_____NY53465&amp;DateId=20210726\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire SAN DIEGO, July 26, 2021 \/PRNewswire\/ &#8212;\u00a0Newmark1\u00a0announces it has arranged the sale of Sorrento Towers, a 296,327-square-foot Class A office complex in the heart of Sorrento Mesa, San Diego. The asset traded for $146 million. Newmark&#8217;s Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Brunson Howard, Ken White and Paul Jones represented the seller, Shorenstein Properties. The buyer was Prime US REIT, based in Singapore. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on behalf of the portfolio. &#8220;Sorrento Mesa, and for that matter San Diego, is at the confluence of the life science and technology industries in Southern California,&#8221; said Howard. &#8220;This transaction is emblematic &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-517593","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SAN DIEGO, July 26, 2021 \/PRNewswire\/ &#8212;\u00a0Newmark1\u00a0announces it has arranged the sale of Sorrento Towers, a 296,327-square-foot Class A office complex in the heart of Sorrento Mesa, San Diego. The asset traded for $146 million. Newmark&#8217;s Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Brunson Howard, Ken White and Paul Jones represented the seller, Shorenstein Properties. The buyer was Prime US REIT, based in Singapore. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on behalf of the portfolio. &#8220;Sorrento Mesa, and for that matter San Diego, is at the confluence of the life science and technology industries in Southern California,&#8221; said Howard. &#8220;This transaction is emblematic &hellip; Continue reading &quot;Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-26T16:03:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1580673\/Newmark_Group_Sorrento_Towers_KBS_1.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA\",\"datePublished\":\"2021-07-26T16:03:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\\\/\"},\"wordCount\":831,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1580673\\\/Newmark_Group_Sorrento_Towers_KBS_1.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\\\/\",\"name\":\"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA - 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The asset traded for $146 million. Newmark&#8217;s Co-Head of U.S. Capital Markets Kevin Shannon and Executive Managing Directors Brunson Howard, Ken White and Paul Jones represented the seller, Shorenstein Properties. The buyer was Prime US REIT, based in Singapore. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on behalf of the portfolio. &#8220;Sorrento Mesa, and for that matter San Diego, is at the confluence of the life science and technology industries in Southern California,&#8221; said Howard. &#8220;This transaction is emblematic &hellip; Continue reading \"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/","og_site_name":"Market Newsdesk","article_published_time":"2021-07-26T16:03:15+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1580673\/Newmark_Group_Sorrento_Towers_KBS_1.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA","datePublished":"2021-07-26T16:03:15+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/"},"wordCount":831,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1580673\/Newmark_Group_Sorrento_Towers_KBS_1.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/newmark-facilitates-146-million-sale-of-sorrento-towers-in-san-diego-ca\/","name":"Newmark Facilitates $146 Million Sale of Sorrento Towers in San Diego, CA - 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