Newmark Arranges $25.75M Sale of One El Paseo Plaza, a Premier Office Real Estate Campus in Palm Desert

Newmark has arranged the $25.75 million sale of One El Paseo Plaza, a three-building, 86,835-square-foot mixed-use office campus in Palm Desert, California, to Bucksbaum Properties, LLC, the firm announced March 25, 2026. The deal equates to approximately $296 per square foot.

Transaction Details and Brokerage Team

The property is located at 74-199 El Paseo Drive and 74-225 and 74-245 Highway 111, situated on five acres at the intersection of El Paseo Drive and Highway 111 in the Coachella Valley. Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Scott Schumacher, Vice Chairman Ken White, and Executive Managing Director Rick Reeder represented the undisclosed seller in the transaction. The buyer was Bucksbaum Properties, LLC.

The campus comprises three buildings, including office space and a single-story restaurant building. Major tenants include Morgan Stanley, Royal Bank of Canada, Wells Fargo, Compass Real Estate, and Shogun Restaurant.

Occupier Demand and Market Positioning

Kevin Shannon noted the property's track record of attracting financial and professional services tenants. "One El Paseo Plaza has a long history of attracting solid credit financial, insurance and real estate-related occupiers due to the exceptional quality construction and design, as well as its central location in the heart of the Coachella Valley," Shannon said. "The property includes the opportunity to enhance value through lease-up of the current vacancies as well as convert expiring below market rents given the lack of competing, premier Class A office assets in the Valley."

Value-Add and Redevelopment Potential

Scott Schumacher highlighted an additional layer of upside tied to the property's zoning. "Another attractive aspect of the opportunity is the zoning which allows for future redevelopment upside to accommodate a much higher density with additional uses and a less restrictive height limit," Schumacher said.

The value-add investment strategy centers on lease-up of existing vacancies, resetting below-market rents as leases expire, and longer-term redevelopment optionality under current zoning.

Newmark, listed on Nasdaq as NMRK, reported revenues of nearly $3.3 billion for the twelve months ended December 31, 2025. The firm operates from approximately 175 offices with more than 9,300 professionals across four continents.