Sunnyvale’s Excellent Market Fundamentals Continue to Attract Investor Interest
Sunnyvale – March 28, 2013 – CBRE announces today the completed sale of Oakmead West, seven Class “A” office/R&D buildings totaling 431,490 square feet located in Sunnyvale, California, on behalf of the seller, Equity Office. The two-story buildings were 97% leased at the time of the sale and purchased by Deutsche Asset & Wealth Management for an undisclosed price.[contextly_sidebar id=”7deb95abbf3001fe3eedec2339454484″]CBRE’s Northern California Institutional Group led by Joe Moriarty, Executive Vice President; Russell Ingrum, Vice Chairman/Managing Director; Sean Sullivan, Executive Vice President; and Tyler Meyerdirk, Vice President; coupled with Debt Finance expert Brad Zampa, Executive Vice President and Market Leasing experts Mark Schmidt, Executive Vice President, Christian Marent, Senior Vice President and Rob Shannon, Senior Vice President represented the seller during the transaction.
“The Oakmead West sale marks another important step for the Silicon Valley R&D market which posted its ninth consecutive quarter of positive net absorption,” says Moriarty. “With global technology tenants like Apple, Microsoft, HP and Google occupying significant space in the Sunnyvale market, we expect continued interest in the area and, in turn, continued rental growth over the next five years.”
Built in 1998, Oakmead West is located within two blocks of Lawrence Expressway and in proximity to US Highway 101. The buildings feature steel frame construction with fullheight glass lines on the ground floor and are situated in an integrated campus setting, which includes heavily landscaped walkways and courtyards.
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 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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.