(EDITOR’S NOTE: According to public documents, the asset sold for $144.5 million in a transaction that closed on June 1, 2018. The seller was MWest, an entity associated with San Francisco-based DivcoWest. MWest had purchased the property in October of 2013 for $123 million, according to public records.)
San Francisco, CA, June 29, 2018 – PCCP, LLC announced today that its joint venture with Lincoln Property Company, has acquired Valley Technology Centre, a seven-building, 464,600-square-foot Class A office and R&D complex on 26.4 acres in San Jose, CA. Valley Technology Centre is 74 percent leased and is located at 2660, 2680, 2700, 2720, 2740 Zanker Road and 2585, 2595 Junction Avenue in North San Jose, in the heart of Silicon Valley’s “Golden Triangle.” The area, bounded by three freeways, is renowned for its high concentration of leading technology companies that include Apple, Intel, Google and Samsung. The seller was MWest.
Built in 2000, Valley Technology Centre has recently undergone capital upgrades including one of its seven buildings completing a substantial market ready renovation including and new lobby and communal break area. All of its buildings are two-story office and R&D facilities that offer 18’ clear height on the ground floors to accommodate roll-up doors and shipping and receiving requirements that are attractive to R&D tenants in the market today. Its location provides connectivity across Silicon Valley and the broader San Francisco Bay Area, with easy access to major freeways (I-880, US 101 and State Route 237) and to public transit via the Bonaventura Light Rail Station just blocks away.
“This marks PCCP’s thirteenth acquisition with Lincoln Property Company,” said Brendan Shanahan, vice president with PCCP. “Valley Tech Centre offers our joint venture a strong opportunity to acquire a Class A, office and R&D campus with the ability to execute value-add improvements while quickly delivering high quality space to tenants in the market.”
“We are excited to continue in our partnership with PCCP,” said Brandon Wang, executive vice president at Lincoln Property Company. “Valley Technology Centre will enable us to capitalize on the current and growing tenant demand in North San Jose.”
Silicon Valley’s economy is driven primarily by technology firms with 15 of the 20 largest employers in the region being tech based firms including major companies such as Cisco, Lockheed Martin, Intel, IBM, Facebook, Apple, Google and eBay, to name a few. Affluent Silicon Valley has the highest concentration of high-tech workers of any metropolitan area in the U.S. Located 45 miles south of San Francisco, Silicon Valley encompasses all of Santa Clara County (which includes the largest city, San Jose) as well as incorporating parts of the San Francisco Peninsula (Palo Alto) and the southern part of the East Bay (Fremont). With a population of more than 3 million, Santa Clara County’s economy continues to be one of the best-performing in California, contributing to the state’s ranking as the fifth-largest economy in the world. Today, the number of employees in Silicon Valley is at historic highs, with more than one million employees.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Lincoln Property Company: Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.