(EDITOR’S NOTE: Hines purchased the asset for $68 million, or just over $526 per square foot, on February 10, 2021 from Crown Realty & Development, according to public documents. Crown had owned the asset since May of 2016, when it paid $60.5 for the asset.)
(SANTA CLARA, CA.) – Hines, the international real estate firm, announced today that Hines Global Income Trust, Inc. (“Hines Global”) has acquired a single-tenant office, research and development building at 5301 Patrick Henry Drive in Santa Clara, California.
This one-story, 129,200 square-foot building is located in the center of Silicon Valley, a region that attracts some of the most desirable tenants in the world from a diverse mix of industries including technology. The property’s location is less than a half-mile from the VTA Light Rail and within one mile of the ACE Train, providing rail access throughout Silicon Valley and a large portion of the Bay Area. In addition, the location is less than a 10-minute drive to Mineta San Jose International Airport with convenient access to Highway 101, Interstate 880 and California State Route 237.
“This transaction represents our second Santa Clara acquisition showing our conviction in the resiliency of this market,” said Janice Walker, chief operating officer of Hines Global. “Our globally diversified portfolio’s tenant mix is further strengthened through the addition of this well-positioned project.”
Silicon Valley’s ability to attract the country’s top intellectual talent is unmatched. Workers from around the globe are drawn to the region by its exceptional quality of life, concentration of cutting-edge technology companies, and the presence of some of the nation’s top universities. The San Francisco Bay Area is the leading hub of high-tech innovation and development, and the region represents the largest high-tech manufacturing center in the United States.
“We’re pleased to expand Hines’ presence in Silicon Valley while continuing to provide our investors with exposure to new assets in a high-quality market,” commented Shawn Hardy, managing director at Hines.
About Hines Global
Hines Global is a public, non-listed real estate investment trust sponsored by Hines. It commenced operations in 2014 and invests in commercial real estate investments located in the United States and internationally. For additional information about Hines Global, visit www.hinesglobalincometrust.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.