(EDITOR’S NOTE: According to sources familiar with the transaction, the property sold for $34.4 million, or about $384 per square foot.)
SAN JOSE, Calif. — CBRE Capital Markets has arranged the sale of 955-965 E. Arques, two R&D buildings totaling 89,273 square feet in Sunnyvale, Calif. Scott Prosser, Joe Moriarty, Russell Ingrum and Jack DePuy of CBRE represented Graymark Capital and Ascent Real Estate Advisors in their sale of the property to Applied Materials.
“Applied Materials, a top-tier owner-user in the market, was seeking to expand their Silicon Valley campus and was drawn to these institutional-quality, strategically located buildings,” said Scott Prosser, executive vice president, CBRE.
The 36,282-square-foot and 52,991-square-foot buildings provide functional layouts that can be adaptable in providing a mix of R&D and lab space. 965 E. Arques was recently renovated in 2017-2019 and boasts market-ready improvements, including a new lobby, open office with exposed ceilings, an exclusive outdoor collaboration area, renovated restrooms, an open break room and Title 24 lighting. In addition, 965 E. Arques has three loading docks with a dock-high door, an appealing feature to a wide mix of tenants.
Sunnyvale represents one of the Bay Area’s prime locations. Major technology companies have a significant presence in the city/submarket. In addition, the city offers excellent access throughout Silicon Valley and the greater Bay Area, with access to major interstates and freeways as well as two Caltrain stations, both within two miles of the property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.