MORGAN HILL, CALIFORNIA – Trammell Crow Company (TCC) and CBRE Global Investors have broken ground on the Butterfield 5 Technology Park in Morgan Hill, California. The industrial park will span 410,076 square feet and include five Class A buildings that are suited for Silicon Valley industrial users. The JV partnership acquired the 24-acre site, which is located west of Highway 101 at Butterfield Boulevard and Sutter Boulevard, in August 2020. The project is slated for completion during the first quarter of 2022.
“The Butterfield 5 project is a major investment in Morgan Hill and incorporates leading design features within a modern technology park. We are excited to move this development forward, as the project addresses a unique segment of the market with its small- and medium-sized buildings. We believe Butterfield 5 will meet market demand by providing attractive options for local companies seeking Class A light industrial space,” said Will Parker, Principal of TCC’s Northern California Business Unit. “Located 20 minutes from downtown San Joseand the heart of the Silicon Valley population center, Morgan Hill is now a part of the conversation for Silicon Valley tenants and positioned to compete for upcoming lease rollovers in the next 36 months,” Parker added.
The buildings within Butterfield 5 Technology Park will range from 70,280 square feet to 91,738 square feet and are designed to accommodate companies that require as little as 35,000 square feet of space. Features will include prominent glass entries, extensive landscaping, clear heights ranging from 28’ to 32’, and convenient access to Monterey Road and US-101.
The project is represented by the CBRE leasing team of Rob Shannon, Chip Sutherland and Brian Matteoni.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired 2,700 buildings valued at nearly $65 billion and over 590 million square feet. As of September 30, 2020, TCC had $14.8 billion of projects in process and $5.9 billion in its pipeline. It employs more than 550 professionals in the United States and the United Kingdom.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 18 major cities throughout the United States and London. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street Residential, and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet the needs of its clients. For investor clients, the company specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development and providing incentive-based fee development services.
TCC is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, and the world’s largest commercial real estate services and investment firm (in terms of 2019 revenue).
CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.