(EDITOR’S NOTE: According to public records, the sale closed for $11.5 million, or $425 per square foot if considering just the office component of the property.)
Silicon Valley’s Iron Construction, Inc. announced [on February 19, 2016] the company has sold its Sunnyvale headquarters. The award-winning general contractor and its buyer closed the deal on Thursday, February 18.
The class-A office space at 270 East Caribbean Drive in Sunnyvale’s Moffett Business Park changed hands [on February 18] to San Francisco based Walnut Hill Capital LLC. Jefrey Henderson, executive vp with the San Jose office of CBRE, represented the buyer.
Iron Construction purchased the property in November 2012 and moved into the space in February 2014 after massive retrofit. The 27,000 sq ft building features 5,000 sq ft of warehouse, state-of-the-art fitness and training center, full service kitchen and a community garden. Iron Construction was honored by the Santa Clara Valley Water District and the City of Sunnyvale for its approach to conservation and sustainability in creating a zero landfill and geothermal space. The property includes drought friendly landscape and Energy Star rating of 95.
“Someone made us an offer we couldn’t refuse,” says Iron COO Claudia Folzman. “We love everything we created in this amazing place, but we’re looking to raise the bar even higher in our next.” Iron Construction will occupy the space as a tenant until the company moves it headquarters back to San Jose this year where it was founded. “That’s the plan,” says Iron president & CEO Dave Edgar. “Lots of exciting things happening. 2016 is going to be huge.”
About Iron Construction, Inc.
Iron Construction, Inc. is a respected Silicon Valley based commercial general contractor serving the greater Bay Area. Founded in 2001, the company specializes in commercial interiors, technology, manufacturing and life sciences, with executive management part of each project. Throughout Northern California, Iron Construction’s quality work, safety practices and commitment to the community has made the company a key player in commercial real estate. Learn more at ironconstruction.com.