Brookfield Asset Management Acquires Silicon Valley Office Campus
- Mar 05, 2014
Brookfield Asset Management has acquired Rio Robles Technology Park, a 460,000-square-foot, eight-building office/R&D portfolio located in the North San Jose submarket of the Silicon Valley.
Mesa West helped Brookfield obtain $73.5 million in first mortgage debt to acquire and reposition the portfolio.
“Brookfield is a strong sponsor with extensive experience in stabilizing transitional assets throughout the country,” Jason Bressler, an associated at Mesa West Capital, said in a company statement. “They plan to undertake an extensive renovation plan which will significantly improve the vacant buildings at Rio Robles and should position the property favorably in an improving market.”
Situated on two parcels totaling 30 acres, the property is close to two major highways providing access to the surrounding area and to the San Jose International Airport.
The area features landscaped walkways, grounds, and courtyards, one- and two-story buildings ranging in size from 32,000 to 87,000 square feet, and flexible and efficient floor plates. At the time of the sale, Rio Robles Technology Park was 70 percent leased to tenants such as Hitachi and F5 Networks.
The financing was arranged by Rob Rubano and Greg Stampley of Eastdil Secured.
According to Bressler, part of the proceeds of the loan will be used by Brookfield to conduct a significant capital improvement plan to upgrade the buildings and outdoor areas.