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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