Newmark Group Inc. has successfully completed the sale of Tower Plaza, a significant 207,678-square-foot office campus in San Mateo, California, for $22 million. Acquired by Tourbineau Real Estate Partners, the transaction underscores a growing investor interest in adaptive reuse opportunities throughout the Bay Area. The property, strategically located near major transit hubs, contributes to the increasing demand for centrally located and repositionable assets. With 27% of the site currently leased, Tower Plaza offers potential for either a lease-up or redevelopment into residential use. Newmark's strategic involvement in the sale highlights its continued influence in the dynamic Peninsula real estate market.
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