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| Tech Park at Freedom Circle, 2518-2560 Mission College Boulevard and 3900-3990 Freedom Circle in the center of Silicon Valley. Santa Clara, CA |
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| Steven Golubchik |
SAN FRANCISCO, CA – HFF announced it has closed the $136.5
million sale of Tech Park at Freedom Circle, a 12-building, Class A,
suburban office and research and development park totaling approximately
427,873 square feet in Silicon Valley’s Santa Clara, California.
The
seller, Legacy Partners, who purchased the asset in a joint venture with
AllianceBernstein’s Real Estate Group in 2013, was represented by HFF in the
transaction.
The 12 one- and two-story, steel-reinforced buildings that
comprise Tech Park at Freedom Circle are located on 25.74 acres at 2518-2560
Mission College Boulevard and 3900-3990 Freedom Circle in the center of Silicon
Valley.
The property sits at the intersection of Highway 101 and
Great America Parkway within walking distance to Santa Clara Valley
Transportation Authority bus service for easy connection to light rail.
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| Michael Leggett |
Park amenities include an outdoor bocce ball
court, outdoor collaborative meeting areas, on-site café with corporate catering,
electric vehicle charging station and tree-lined walkways with quiet sitting
areas.
The park is 95 percent leased to 28 tenants in the
telecommunications, hardware manufacturing, software programing, networking,
publishing and biotechnology/life sciences sectors.
The
HFF investment sales team representing the seller included senior managing
director and co-head of HFF’s San Francisco’s office Steven Golubchik
and senior managing director and co-head of both the San Francisco office and
HFF’s national office investment sales platform Michael Leggett.
Also assisting with the deal were directors John
Simerlein and Ben Bullock and senior analyst Josh DiSalle.
“This sale is a win/win for both sides,” said Steve Dunn,
Senior Managing Director of Legacy Partners. “With our strong local team in
place, Legacy capitalized on market momentum-- successfully and swiftly
executing a project upgrade and strategic leasing plan well ahead of
schedule. Tech Park is a fantastic
asset and undoubtedly will be a great addition to The Irvine Company’s
portfolio.”
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| John Simerlein |
“This is part of our ongoing, long-term investment in Santa
Clara and Silicon Valley, where we have operated for 20 years,” said Hanns
Lee, regional senior vice president overseeing the Irvine Company’s
expanding portfolio of office workplaces in Northern California.
“We will be
integrating Tech Park at Freedom Circle into our office portfolio as another
option for existing and potential customers.”
The
Irvine Company recently completed Santa Clara Gateway, a 911,000-square-foot,
six-building modern office campus at Great America Parkway and California
237.
The project is 70 percent occupied
and has attracted leading names including Dell, Square, Arista Networks and
GlobalFoundries.
The company currently
is building the first phase of offices at Santa Clara Square, a 1.8
million-square-foot office campus where Ericsson will locate its Silicon Valley
operations starting later this year.
For a complete copy of the company’s news
release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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