HFF Closes Sale of Office/R&D Business Park in Silicon Valley

SAN FRANCISCO, CA – HFF announced today that it has closed the sale of  Park Square, an office/R&D business park totaling 465,000 square feet in Santa Clara, California.

ParkSqaureMariiottBusinessPark aerialHFF marketed the properties on behalf of the seller, a joint venture between two global investment managers.  The Irvine Company purchased the property for an undisclosed amount.

The property is adjacent to Highway 101 near Lawrence Expressway in Santa Clara.  Situated on 31.1 acres, Park Square includes 13, single- and two-story buildings that are 60 percent leased.  Constructed between 1977 and 1978, the property has been institutionally maintained and has recently undergone significant capital and tenant improvements.
The HFF team representing the seller was led by senior managing director Michael Leggett, managing director Steven Golubchik and associate director John Simerlein.

“This asset offered investors the opportunity to acquire more than 30 acres with freeway visibility.  The properties are well-positioned to significantly increase cash flow with the lease up of vacant space and achieve higher rental rates as near-term tenants expire,” commented Leggett.

The Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties and its leadership in preservation and stewardship of open space.  The company’s real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including San Diego, Orange and Los Angeles counties and Northern California.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  www.hfflp.com

West Coast Commercial Real Estate News