(EDITORS’S NOTE: According to public records, the buyer paid $52 million, or just over $372 per square foot. The campus was purchased from Hines just a year ago by an entity owned by CBRE Investors for $51.5 million.)
LBA Realty has acquired the ±139,482 square foot Ross Drive Technology Park in Sunnyvale, CA. The project consists of three office/R&D buildings on ±9.0 acres located at 888 Ross Drive (±44,340 square feet), 892 Ross Drive (±51,217 square feet) and 894 Ross Drive (±43,925 square feet). The project is 100% leased to two companies, Proofpoint and Meru Networks.
Ross Drive Technology Park is well positioned between the two most prestigious business parks in Sunnyvale, Peery Park and Moffett Park, which are home to some of the most influential companies in the world. The buildings are strategically located near the convergence of U.S. Highway 101 and California Highways 237 and 85 and offer close proximity to public transportation services.
Steve Hermann, Eric Fox and Robert Gilley with DTZ represented the seller in the transaction, with local market advisory provided by Jeff Houston and Vincent Scott with CBRE. In addition, Terry Daly and Kurt Scheidt of DTZ’s Mortgage Services arranged the acquisition loan financing on behalf of LBA Realty.