San Jose – December 30, 2014 – CBRE announced today the sale of the Sunnyvale Office/R&D Portfolio, which includes five office and R&D buildings totaling 113,166 square feet located in the Peery Park submarket within Sunnyvale, California. Newport Beach-based Irvine Company purchased the portfolio, which was 95 percent leased at the time of sale.
CBRE marketed the sale of the portfolio on behalf of Arden Realty, Inc. a GE Capital Real Estate company. The CBRE marketing team was comprised of Joseph Moriarty, Executive Vice President; Russell Ingrum, Vice Chairman/Managing Director; Sean Sullivan, Executive Vice President; Tyler Meyerdirk, First Vice President; and Brad Zampa, Executive Vice President.
“We saw strong interest from the investment community for the opportunity to acquire a critical mass of office and R&D product located in one of the country’s top performing markets,” says Mr. Moriarty at CBRE. “For the Irvine Company, this portfolio complements its existing Sunnyvale portfolio and is part of a long-term investment in Silicon Valley.”
The buildings are located at 323 N. Mathilda Ave., 755 N. Mary Ave., 617 Palomar Ave., 720 Palomar Ave. and 840 Del Rey Ave. and range in size from 20,000 to 33,000 square feet. Situated in one of the leading submarkets in the Silicon Valley, neighbors of the portfolio include users such as Google, Apple and LinkedIn.
“We believe that Sunnyvale will continue to experience the strong fundamentals demonstrated over the past three years as the demand from large household name companies grow in the Silicon Valley,” says Mr. Moriarty.
About CBRE Group,Inc.
CBRE Group, Inc.(NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.