By Meghan Hall
Rubicon Point Partners, a real estate investment firm based in San Francisco, is expanding its Bay Area holdings once again with the acquisition of a 140,000 square foot building located at 10200 S. De Anza Blvd. in Cupertino. Rubicon purchased the property for $107.5 million, or about $768 per square foot from Seagate Technology at the end of June, according to The Mercury News, who first reported the transaction. Currently, Seagate Technology calls the De Anza property home, although the firm also occupies a 411,000 square foot campus in Fremont.
Seagate originally purchased the property in December of 2010 for $30.250 million. Seagate is expected to vacate the building, but the timeline for its withdrawal from the property is currently unconfirmed. The property is located south of Interstate 280 along one of Cupertino’s major commercial corridors. Amazon Lab 126 is located adjacent to the site, while the Vallco Mall sits about two blocks away.
Rubicon Point Partners has been an active investor and developer throughout the Bay Area. Most recently, the firm purchased San Jose’s Market Square for $141.35 million in May of this year. Rubicon paid $437 per square foot for the two buildings, which total 323,529 square feet. The seller was Ridge Capital, Inc. Rubicon also purchased United Nations Plaza in San Francisco for $49 million in October of 2018, acquiring the asset from San Francisco-based Kivelstadt Group, who had owned the property since 2015.
In March, Rubicon received approval for a new, 307-unit apartment project at 1750 Broadway in Oakland. Rubicon has owned the site since September of 2016, when it paid $9.2 million for the property, in addition to $7.5 million in development fees, and the project will be Rubicon’s first apartment development in the city of Oakland.
According to Rubicon’s website, the firm has acquired 21 properties totaling $580 million since the firm’s founding.