(EDITOR’S NOTE: According to the buyer, the sales price was $52.3 million. The sellers were Four Corners Properties and Westbrook Partners, who have owned the asset since August of 2007.)
Collaboration Leads to Key Property Acquisition in Silicon Valley
Madison Marquette, a leading national private real estate investment, development and operating company has announced that its strategic investment partnership with Hana Financial Investment and Darby Hana has resulted in the acquisition of De Anza Plaza, a trophy office campus in Cupertino, CA. De Anza Plaza, made up of two adjacent modern buildings, is 100 percent long-term leased to Apple, Inc. The acquisition was financed by KEB Hana Bank, an affiliate of Hana Financial Group, and advised by Darby Hana, an affiliate of Franklin Templeton Investments.
“We are delighted to have worked closely with Hana Financial Investment, a leading Korean financial services group, and Darby Hana, a reputable investment company in Korea, in acquiring this property in the heart of Silicon Valley,” said Peter Jun, Madison Marquette’s Chief Operating Officer and Senior Managing Director of Global Capital & Investments. “We look forward to growing our partnership with Hana Financial Investment as well as its parent company Hana Financial Group, and Darby Hana, as we explore additional investment opportunities in major markets across the country.”
De Anza Plaza is an 83,959 square foot office property located in the heart of Cupertino, known as the home of Apple Inc.’s corporate headquarters. Cupertino is the 11th wealthiest city in the United States with a population of over 50,000 and a median household income of $134,872. The property is situated on the corner of De Anza Boulevard and Stevens Creek Boulevard, central arteries in Cupertino, minutes from Apple’s Corporate Headquarters and Apple Campus 2. “Our strategic partnership with Hana Financial Investment and Darby Hana in this transaction has underscored Madison Marquette’s interest in expanding the type and scope of assets that we can acquire and manage,” said Chad Eisenbud, Director of Investments – West Coast, Madison Marquette. “De Anza Plaza is a jewel property offering long-term tenancy and a platinum location where supply constraint supports increasing rents and ongoing space demand.”
Madison Marquette will handle both asset management and property management of De Anza Plaza going forward.