Newmark

Newmark Group arranged a $675 million refinancing for Independence Plaza, a 1,328-unit residential complex in Manhattan’s Tribeca neighborhood, on behalf of Vornado Realty Trust and Stellar Management. This deal highlights investor confidence in the New York City multifamily market. Vornado and Stellar are key players in NYC real estate, with Vornado also focusing on sustainability. Newmark’s global presence and financial performance are also noted.

Newmark facilitated Zscaler’s 301,163 sq ft sublease for its new global HQ at 4301/4401 Great America Parkway in San Jose, Calif.—silicon Valley’s largest post-pandemic cybersecurity-driven office deal. The move signals tech firms’ strategic return to premium spaces amid hybrid work norms, aiming to centralize operations, boost talent retention, and accelerate AI innovation. Vice Chairman Mike Saign and Senior Managing Director Rich Hoyt led the transaction, highlighting Zscaler’s focus on physical-collaboration synergy. Despite Silicon Valley’s office market challenges, this deal showcases demand for specialized spaces aligning with high-growth sectors like cloud security.