San Francisco – September 21, 2016 – CBRE announced the recent sale of 1701 McCarthy Boulevard, a 34,000-square-foot R&D building located off of Montague Expressway in the Oak Creek submarket of Milpitas, California.
The property is currently 100 percent leased and serves as Silicon Microstructures’ headquarters and in-house R&D facility.
Empire Square Group purchased the building on behalf of a capital partner from Meriwether Partners. Scott Prosser, SIOR, Joe Moriarty and Jack DePuy of CBRE Capital Markets, represented both the seller and buyer.
“Meriwether Partners had owned the building since 2006,” said Prosser, Executive Vice President, CBRE Capital Markets. “But with a long term lease in place and with a well-established tenant, the acquisition provided a great opportunity for Empire Square Group to acquire a property in Silicon Valley.”
The building neighbors a high concentration of major technology companies, including Cisco Systems and SanDisk, and offers convenient access to Interstate 880, Highways 237 and 101 as well as the I-880 VTA station. It is also less than three miles away from the under-construction Milpitas BART station and a wide variety of retail and dining options.
Coupled with growing demand, Milpitas and the surrounding submarkets of San Jose and Santa Clara have experienced a significant loss of office and R&D space to new development, pushing vacancy rates down to record-setting levels and resulting in limited options for tenants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.