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Initially, the partners committed $200 million of equity to the venture.

James Chung launches the Econic Co., the latest in a string of bespoke brokerage firms to launch since the start of the pandemic.

The firm acquired the recently-repositioned, 130,565-square-foot, class A facility on behalf of one of its institutional clients.

Shorenstein Properties is the seller of the 330,000-square foot property.

Newmark expects the transaction, an asset sale under Section 363 of the US Bankruptcy Code, to close soon.

The portfolio comprises three build-to-suit, US government-leased, LEED-certified properties.

It will invest in communities that are new to Google and expanding in others across 19 states.

The fund, which will provide a tax-advantaged structure to non-US investors, has a target capital raise of $1 billion.