For Immediate Release
Cushman & Wakefield Represents Graymark Capital in Palo Alto Acquisition being Converted to Life Science, Alternative Tech Use
Rare asset located in high sought-after area for recent vigorous Life Science growth
PALO ALTO, Calif., January 6, 2021 – Cushman & Wakefield announced today the firm has represented Graymark Capital, an industry-leading commercial real estate firm, headquartered in San Francisco, in acquiring a vacant single-story office/R&D asset in Palo Alto, California. The property was recently vacated by a medical device company building a digital surgery platform. Graymark plans to reposition the two-building, 24,000-sf complex located at 3960-3980 Fabian Way as Life Sciences-focused with a flexible design to equally accommodate emerging sectors such as Automotive Tech, Food Tech and/or Robotics/Artificial Intelligence.
Graymark acquired the Silicon Valley property for an undisclosed price and will be making a multi-million dollar capital investment to complete the conversion. Kalil Jenab, Ben Paul and Steven Jenab with Cushman & Wakefield represented the buyer in the acquisition and have also been retained to provide Leasing Services for the newly designed project. The seller was represented by Brad Martin with Stetson Earhart.
“Graymark’s plans for this strategic location come at the right time and will fulfill a critical need for market -ready and flexible lab space deliverable very soon. Demand is now a four-legged table and Graymark will meet that demand,” said Ben Paul, Executive Managing Director and Managing Principal. “The Life Sciences industry is performing well overall, with this submarket also displaying increased demand particularly from auto tech, food tech and AI companies. Furthermore, most of the significant leasing activity we have tracked in our region this year has stemmed from the Life Sciences sector.”
“Palo Alto and the surrounding Peninsula area have been a hot bed for Life Sciences activity, with the three largest such Bay Area deals in 2020 all located within just a few miles of this subject property,” added Vice Chairman Kalil Jenab. “The Fabian buildings reside within this vigorous cluster of highly influential global tech and life sciences users and world class developers accelerating the improvement in this submarket.”
3960-3980 Fabian Way is surrounded by amenities, food service and fitness/health facilities. The property also provides convenient access to Highway 101, Alma/Central Expressway and transportation services including Caltrain.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Cushman & Wakefield
Office: +1 415 677 0423
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE