Newmark Arranges $25.75 Million Sale of One El Paseo Plaza, One of Coachella Valley’s Most Prominent Office Campuses

March 25, 2026 9:00 AM

Newmark announces the Company has arranged the $25.75 million sale of One El Paseo Plaza, a three-building, 86,835-square-foot mixed-use office campus located at 74-199 El Paseo Drive and 74-225 & 74-245 Highway 111 in Palm Desert, California.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Senior Managing Director Scott Schumacher, Vice Chairman Ken White and Executive Managing DirectorRick Reeder represented the undisclosed seller. The buyer was Bucksbaum Properties, LLC.

The property, which includes the office buildings and a single-story restaurant building situated on five acres, is located at the intersection of El Paseo Drive and Highway 111. Major tenants include Morgan Stanley, Royal Bank of Canada, Wells Fargo Advisors, Compass Real Estate and Shogun Restaurant.

"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," said Shannon. "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".

Schumacher added, "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."

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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