Sale of Marriott Business Park in Santa Clara, CA closed by HFF

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Marriott Business Park, an office/R&D business park totaling 427,500 square feet in Santa Clara, California. 

Michael Leggett

HFF marketed the property on behalf of the seller, a joint venture between two global investment managers.  Legacy Partners, in joint venture with AllianceBernstein U.S. Real Estate Partners, purchased the property for an undisclosed amount.

 Marriott Business Park was the second property of a two-property portfolio listed by HFF on behalf of the seller, containing a total of 892,500 square feet.  The first property, Park Square, closed last month in a transaction to The Irvine Company.

Steven Golubchik

                The property is located just off Great America Parkway near Highway 101 and the Lawrence Expressway in Santa Clara.  Situated on nearly 26 acres, Marriott Business Park includes 12, single- and two-story buildings that are 90 percent leased.

  Constructed between 1979 and 1980, the property has been institutionally maintained and has recently undergone significant capital and tenant improvements.

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

John Simerlein

“Investors were attracted to the stable in-place occupancy with substantial upside potential from near-term rollover of currently occupied suites, which were leased at rates significantly below-market, allowing the new owner to capitalize on the surging office market,” commented Golubchik.  “Furthermore, the property offered investors increased site density should the new ownership seek redevelopment in the future.”

As an investor and operator with a long-standing presence in its core markets - Northern California, Southern California, Denver and Seattle - Legacy Partners Commercial has been providing high-quality properties to tenants, and solid returns to investors, for more than 40 years. 

  Its specific focus in the western U.S. provides the company with economies of scale in acquisitions, development, marketing, leasing, design, construction and management that directly benefit its tenants and investors.

  

For a complete copy of the company’s new 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

krmurphy@hfflp.com