Los Angeles-based Hudson Pacific Properties has completed the sale of its Campus Center asset and some adjacent land in Milpitas in two separate transactions. In May of 2019, the company announced in its first quarter 2019 earnings report that it sold a 472,000 square foot campus and adjoining 35.4 acres of land for around $150 million. Earlier this week, it was announced that Embarcadero Capital in partnership with PCCP had purchased the three office/R&D buildings totaling approximately 472,000 square feet, located at 115 – 155 North McCarty Boulevard in Milpitas for $70.25 million. Now, according to public records, the buyer of the 35.4 acre parcel next to the campus was revealed, and it is Chicago-based Bridge Development Partners, which paid $78.1 million for the property, bringing the total sale price to $148,350,000.
According to public records, Hudson Pacific purchased this property and the adjacent land parcel in April of 2015 for $140,027,000.
The campus will go through a renovation, which will be led by HOK, a global design, architecture, engineering and planning firm. Leasing for the property has been awarded to Newmark Knight Frank’s Silicon Valley office, and the team leading the efforts on that include Vice Chairman Jeff Arrillaga as well as Executive Managing Directors Shawn Kellenberger and Michael Saign.
Park Point offers an optimized, highly efficient, flexible work environment that promotes productivity with best in class indoor/outdoor usable amenity space. This campus will be a key recruiting and retention asset for the next users, according to a statement from Embarcadero Capital and PCCP.
Over 50 food, lodging, hospitality and retail amenities are located across the street from Park Point. Park Point also features direct access to the Guadalupe hiking trail and will have shuttle service to the new Milpitas BART station, offering seamless public transit connectivity.
Embarcadero Capital Partners Principal Carol Donnelly said, “We have a long history of creating transformative corporate headquarters along the 237 Corridor. We are thrilled to start working on Park Point with our partner PCCP and the teams from HOK and NKF. We believe this campus is one of the best large blocks of space immediately available in Silicon Valley at an incredibly competitive price point.”
Bridge Development Partners is an industrial owner and developer that focuses on value-add acquisitions in the supply-constrained U.S. core industrial markets, according the company’s web site.
The Milpitas land site been approved for 950,000 square feet of office, R&D or industrial use, which will likely be evaluated by the new owners before development on the property starts.