Thursday, May 9, 2013

HFF closes sale of office/R&D business park in Silicon Valley, Santa Clara, CA


  


              Park Square Business Park, Santa Clara, CA

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of  Park Square, an office/R&D business park totaling 465,000 square feet in Santa Clara, California. 

Michael Leggett
                HFF marketed the properties on behalf of the seller, a joint venture between two global investment managers.  The Irvine Company purchased the property for an undisclosed amount.

                The property is adjacent to Highway 101 near Lawrence Expressway in Santa Clara.  Situated on 31.1 acres, Park Square includes 13, single- and two-story buildings that are 60 percent leased.  Constructed between 1977 and 1978, the property has been institutionally maintained and has recently undergone significant capital and tenant improvements.

Steven
Golubchik
The HFF team representing the seller was led by senior managing director Michael Leggett, managing director Steven Golubchik and associate director John Simerlein

                 “This asset offered investors the opportunity to acquire more than 30 acres with freeway visibility.  The properties are well-positioned to significantly increase cash flow with the lease up of vacant space and achieve higher rental rates as near-term tenants expire,” commented Leggett.

John Simerlein
The Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties and its leadership in preservation and stewardship of open space.  The company’s real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including San Diego, Orange and Los Angeles counties and Northern California.
  
For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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