Deka Immobilien Sells 100,841 SF Class A Office Building in West San Jose to Grosvenor Americas for $47.1M
July 24, 2013 – Erik Hallgrimson with Cassidy Turley collaborated with real estate firm Savills, LLC to represent seller Deka Immobilien in the disposition of a 100,841-square-foot Class A office building in West San Jose for a price of $47,100,000 (±467 per square foot). Referred to as Century Plaza II, the six-story, multi-tenant building is located at 560 S. Winchester Blvd. and was acquired by San Francisco-based Grosvenor Americas. The property is 100% leased to tenants such as Rockefeller Group Business Centers, Merrill Lynch Wealth Management, Cushman & Wakefield and Bank of America. The building is very well located adjacent to Santana Row, a highly popular mixed-use development with upscale shopping, dining, residential and a hotel. It is also across from Westfield Valley Fair Mall, the Winchester Mystery House and the site of the Century 21-23 Theaters (which is currently marketed as a potential redevelopment site). 560 S. Winchester also provides convenient access to freeways 280, 880 and 17.
Chinese Investor Hanqi Buys ±104,610 SF Burlingame Office Center, to Open First US-China Life Science Park in San Francisco Bay Area
July 24, 2013 – Tenny Tsai, Danny Yu, Marshall Hydorn and Gary Boitano with Cassidy Turley collaborated to represent buyer Hanqi Investment, LLC in the acquisition of a 104,610-square-foot multi-tenant building in Burlingame. The seller was ATC Partners. The high-image property is located at 1633 Bayshore Highway, positioned along the city’s waterfront just south of the San Francisco International Airport, and will be called the Hanhai-Zibo Life Science Park, the first US-China life science park in San Francisco Bay Area. Initially, Hanqi will be dedicating about 10% of building’s space as incubator space—with plans to increase that amount as vacancies open up to accommodate more incubator use—in order to help promote the exchange of Chinese start-up technology companies, specifically in the life science field, from China to the expanded Silicon Valley region. The group hopes that this venture will in turn also help to attract similar regional-based companies to do business in China.
Rubicon Point Partners Buys Downtown Mountain View Building from M&H Cardinal
July 24, 2013 – Ron Himes with Cassidy Turley represented seller M&H Cardinal Associates, LLC in the sale of a 28,837-square-foot office/retail building in downtown Mountain View. The buyer was Rubicon Point Partners, LLC. The 2-story property is located at 274-282 Castro Street and consists mainly of office space with a small retail component on the ground floor. At the time of sale, only 2,274 square feet of space in the building was vacant. The property is well located nearby the Caltrain and VTA light rail stations, as well as easy access to several freeways. The primary tenant in the building is Quixey, Inc., plus occupancy from other high-tech start-up firms. The property features distinct architecture, exposed ceilings throughout and also includes a unique escalator between floors.
Oakland’s Historic I. Magnin Building Sells to CallSocket II for $9.8 Million; New Owner Signs Two Subsequent 11,160 SF Leases to both Vigilent Corporation and Minted.com
July 24, 2013 – John Dolby and Dane Hooks with Cassidy Turley represented seller Beacon Group Ventures in the sale of a ±59,427-square-foot multi-tenant office building in Oakland for $9,800,000 (±166 per square foot). The buyer was Tom Henderson dba CallSocket II, which operates an international call centers business. The 5-story building, which includes ground floor retail and a full basement, is located at 2001 Broadway in the heart of the city’s emerging Uptown neighborhood. The new owner will be utilizing some of the space in the building and leasing out the remainder.
Subsequent to the sale, Dolby and Hooks also represented Henderson in leasing out two 11,160-square-foot office spaces in the building to new tenants Vigilent Corporation and Minted.com. Vigilent, which provides energy management systems services to data centers, telecommunications and large companies, leased space on the fourth floor and is scheduled to relocate from its current address in El Cerrito this fall. Minted.com, a global design community and e-commerce site, leased space on the third floor and will be expanding its operation from San Francisco.
Built in 1931 and completely rehabbed in 2000, the former I.Magnin building is positioned directly on the 19th Street BART station and is adjacent to the Fox and Paramount Theaters. The building is well-known for its distinctive green terra cotta and black marble façade. The building underwent a comprehensive rehabilitation in 2000 that included: an award winning seismic upgrade, brand new electrical/mechanical systems, and new interior finishes. 2001 Broadway is historically renovated and listed on the National Historic Register.
Peninsula Land & Capital Acquires 66,524 SF Vacant R&D Building in Fremont
July 24, 2013 – Eric Fox and Alan Guterman with Cassidy Turley teamed up to represent seller Arden Realty, L.P. in the investment sale of a 66,524-square-foot vacant R&D building in Fremont to Peninsula Land & Capital. The partial two-story, freestanding building is located at 48664-48668 Milmont Drive and sits on ±3.91 acres. It was built in 1983.
Cassidy Turley provides this information based on best-available knowledge and does not warrant accuracy provided us by 3rd parties. For further verification and/or questions, please contact the brokers listed below with the particular news announcement.
Lead Contacts (listed alphabetical by first name):
Eric Fox, (408) 615-3400, Eric.Fox@cassidyturley.com
Erik Hallgrimson, (408) 615-3400, Erik.Hallgrimson@cassidyturley.com
John Dolby, (510) 465-8000, John.Dolby@cassidyturley.com
Ron Himes, (650) 852-1200, Ron.Himes@cassidyturley.com
Tenny Tsai, (408) 615-3400, Tenny.Tsai@cassidyturley.com
For market statistics or data, please contact:
Garrick Brown, Director of Research, (916) 329-1558, firstname.lastname@example.org
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. Based in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Cassidy Turley provides regional real estate services in Northern California. With 15 Northern California offices and a 400-member team, our Northern California market leadership is demonstrated by completion of over 3,600 transactions, totaling over $4.9 billion in 2012.