(EDITOR’S NOTE: According to public documents, the purchase price for the property was $14.1 million, or close to $415 per square foot. The transaction closed in September of 2017.)
San Francisco, CA, September 2017 – Graymark Capital, Inc., in partnership with Rialto Capital Management, LLC, has acquired 650 Clyde Court, a 34,000 square foot creative office / R&D property in Mountain View, California. 650 Clyde will undergo a complete renovation to modern space attractive to the technology-related tenants of Silicon Valley.
The property is at the center of the booming Silicon Valley market, located in the shadow of the brand new Samsung Research America buildings, and surrounded by campuses of Fortune 500 neighbors including Google, Symantec and LinkedIn. This 34,000 square foot asset was constructed in 1987 for the prior owner, an industrial distributor. Graymark and Rialto will fully renovate 650 Clyde to a modern creative office / R&D space demanded by tech tenants that dominate this submarket. Improvements will include a new facade, improved glass exterior, modern landscaping and indoor/outdoor patio area. The property has excellent access to public transportation – a shuttle connects the Mountain View Caltrain station directly to the property. 650 Clyde sits at the nexus of the 101, 85 and 237, providing a convenient location to employees from San Francisco, San Jose and the East Bay.
CEO Brian Hecktman stated, “This acquisition continues our program of making smart investments in infill locations that exhibit strong employment and demographic trends. We are also excited to enter into our first transaction with Rialto Capital Management, a strong institutional equity partner for us as we continue to grow our platform.”
COO and CFO Jeff Hoppen added, “We were able to purchase an institutional quality location at an attractive basis in a market where we have already invested in eight assets in the past few years. Silicon Valley is one of the strongest office and R&D markets in the country and Mountain View is one of the tightest submarkets in the Valley.”
The property was purchased through Kalil Jenab and Nick Lazzarini of Cushman Wakefield.
About Graymark Capital
Graymark Capital, Inc. is a real estate investment firm based in San Francisco, California that invests in commercial property throughout the West Coast. The company has acquired 1,550,000 sf of institutional quality property valued at over $500 million over the last 5 years. Founded by CEO Brian Hecktman, with COO/ CFO Jeff Hoppen and SVP of Acquisitions Rick Lafranchi, the company focuses on opportunities where it can create significant value by capitalizing on the team’s collective experience from over $5 billion of real estate investment and development over the past 20 years.
About Rialto Capital Management
Rialto Capital Management – a fully owned subsidiary of Lennar, one of the nation’s leading home builders – is a diversified real estate investment, management, development and finance company.