Preylock Buys EQT Exeter’s 491,000 SQFT The Assembly Campus in North San Jose for $268.3MM
Why this matters
Commercial real estate continues to digest a multi-year reset in cost of capital. Transaction velocity is below the 2019-2021 trend but improving, cap rates have stabilized across most stabilized property types, and the bid-ask gap has narrowed materially in the past two quarters. Sponsors with permanent capital and operating platforms have an advantage in the current execution environment. Los Angeles is working asset-by-asset through an extended office reset. Hospitality on the West Side and selective industrial in the South Bay are where capital is currently moving; downtown Class B remains in price discovery. The next twelve months will continue to reward underwriting discipline and operational sophistication over balance-sheet aggression.
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On the RET wire
- The 52nd Los Angeles story tracked on the wire in September 2026. All Los Angeles coverage →
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Los Angeles-based Preylock has bought The Assembly, EQT Exeter's fully leased North San Jose campus that houses Figure AI's humanoid robot factory, for $268.3 million, which Newmark calls the largest sale of an advanc…
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