Cantor Fitzgerald Income Trust new owner of Class A office campus fully leased to Apple
(EDITOR’S NOTE: According to earlier reporting by The Registry, Madison Marquette has owned the property since January of 2017 when the company paid $52.3 million for the asset located at 10001 – 10101 North De Anza Blvd.)
Silicon Valley, CA – July 26, 2021 – Leading real estate professional services and investment management company Colliers announced today the sale of [83,959-square-foot] De Anza Plaza, a single-tenant, office campus in Cupertino, California. Colliers Executive Vice Presidents Andy Zighelboim, Robert Gilley, Brad Idelman, Kevin Moul, and Senior Vice President Andrew Gibson represented the seller, Madison Marquette, in negotiations with the buyer Cantor Fitzgerald Income Trust. The sale closed July 23rd, 2021 for $63,750,000 (just over $759 per square foot). Apple is the building’s sole tenant and has been in occupancy since 2016.
“This transaction not only underscores the strength of Apple’s credit, but further demonstrates the desirability of investing in high-growth science and technology markets which are leading the economy out of the pandemic,” said Zighelboim.
Nestled in the epicenter of the Silicon Valley, the 2-building project offers large, flexible floorplates that are ideal for large-scale technology companies in addition to generous subterranean parking options. Apple invested significantly into the property since signing their lease in 2016.
“With most of the investor-owned properties leased to Apple trading during the recent cycle, and very little development within the immediate submarket in the pipeline, few opportunities like De Anza Plaza are likely to become available in the near term,” added Zighelboim.
The property’s location at the intersection of the area’s two main thoroughfares, De Anza and Stevens Creek Boulevard, is irreplaceable and allows for unmatched accessibility to Apple’s headquarters, Interstate 280 and Highway 85. Campuses of leading technology companies surround the property in nearby Sunnyvale, Mountain View and Cupertino.
About Colliers International
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people.