PCCP, Lincoln Property Buy Silicon Valley Mixed-Use Campus
- Jul 03, 2018
A joint venture between PCCP LLC and Lincoln Property Co., has acquired Valley Technology Centre, a 464,600-square-foot Class A office and R&D complex in San Jose, Calif., from MWest.
The deal marks the 13th acquisition between the two companies. The price was not disclosed. At the time of the sale, the property was 74 percent leased.
“Valley Tech Centre offers our joint venture a strong opportunity to acquire a Class A, office and R&D campus with the ability to execute value-add improvements while quickly delivering high quality space to tenants in the market,” Brendan Shanahan, PCCP’s vice president, said in a prepared statement.
Located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585, 2595 Junction Ave., the property consists of seven buildings situated on 26.4 acres in the heart of Silicon Valley’s Golden Triangle.
Originally constructed in 2000, there have been recent capital upgrades to Valley Technology Centre, including a substantial market-ready renovation of one of the buildings, which consisted in a new lobby and communal break area.
All seven of its buildings are two-story office and R&D facilities that offer 18-foot clear height on the ground floors to accommodate roll-up doors, as well as shipping and receiving requirements.
Home of the Tech Giants
The Golden Triangle is noted for being home to some of the largest tech companies in the world, including Google, Apple, Samsung and Intel.
There’s been a lot of activity in the area of late. In June, Newcastle Partners sold Great America Place, a 224,522-square-foot office campus at 2903, 2993 and 5200 Great America Parkway in Santa Clara, Calif. Also in June, HFF arranged $150 million in permanent financing for Broadreach Capital Partners for their 245,738-square-foot build-to-suit for Google, in Mountain View, Calif.
Located 45 miles south of San Francisco, Silicon Valley owns the highest concentration of high-tech workers of any metropolitan area in the U.S., and continues to rank among the top of best economies in the state of California.
The Valley Technology Centre’s location offers connectivity across Silicon Valley and the broader San Francisco Bay Area. It has convenient access to major freeways (I-880, US 101 and State Route 237) and also to public transit via the Bonaventura Light Rail Station.
Since 1998, PCCP has committed more than $16 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. In June, PCCP teamed with Vision Real Estate Partners in the acquisition of an 884,000-square-foot, 66-acre corporate campus in Morris Plains, N.J.
Image courtesy of PCCP LLC