Gemini Rosemont Buys Silicon Valley Campus for $171M
- May 14, 2019
Gemini Rosemont Commercial Real Estate has acquired a Silicon Valley office campus for $170.5 million from The Sobrato Organization. Central Technology Park is a four-building property in Santa Clara, Calif., that features 386,707 square feet of office space. The buyer secured a $98.5 million loan from Bank of America for the acquisition, according to Yardi Matrix data.
The campus, which was built in 1980 and recently underwent significant renovations, is located at 3380 Central Expressway and is currently 100 percent leased to tenants including Cloudinary, Intuitive Surgical Inc., Thermo Fisher Scientific Inc. and Nissan, according to Gemini Rosemont.
The property is located near major thoroughfares including U.S. Route 101, State Route 237 and the Central, Lawrence and San Tomas expressways. Lawrence Caltrain station and the San Jose International Airport are within 10 minutes from the campus, which is part of the Lawrence Station Area Plan—a live-work-play urban community that is currently under development.
Gemini Rosemont was represented in-house by Jason Kuester and Jeremy Wustman, while Eastdil Secured’s Greg Cioth and Nate Jones worked on behalf of The Sobrato Organization.
Booming office market
The acquisition of Central Technology Park is part of Gemini Rosemont’s plan to acquire Class A office assets in tech-centric, coastal markets. The company recently relocated its headquarters to Los Angeles from Santa Fe, N.M., to strengthen its efforts in this direction.
The Silicon Valley office market has seen increased investment activity lately. Just last week, a joint venture of Harvest Properties and Invesco Real Estate secured a $313.8 million loan to acquire and redevelop Catalyst, a four-property portfolio in Sunnyvale, Calif. Last month, Renault & Handley Mid-Peninsula Joint Venture obtained a $103 million loan to develop 600 Clyde Ave., a 190,000-square-foot asset in Mountain View, Calif., that will be fully leased by Google once completed.