(EDITOR’S NOTE: According to public documents published with the county, the sale closed for $47.8 million, or around $471 per square foot.)
SAN JOSE, Calif., (March 5, 2019) – Cushman & Wakefield announced today the firm has advised the sale of Orchard Corporate Center, a newly constructed 101,374-square-foot Class A office/R&D campus in North San Jose, California. South Bay Development Company, a Silicon Valley-based commercial real estate development company which constructed the two-building campus completed in 2017, sold the property to a private investor. Both buildings were 100% leased at the time of sale.
Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann, and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group advised South Bay in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices also provided local market advisory—the duo also negotiated the leases with the current tenants.
“Orchard Corporate Center is a strong-performing, high quality asset fully leased to two long-term tech tenants and is surrounded by some of the world’s biggest and most influential technology companies,” said Fox, Executive Managing Director. “The property represents the first new construction project on Orchard Parkway in 17 years, while major renovations have been completed on nearly every building situated on Orchard Parkway between North First Street and Trimble Road, substantially upgrading the overall quality and value of the neighborhood.”
Situated on 5.31 acres, the brand new one- and two-story office/R&D buildings respectively located at 2755 and 2777 Orchard Parkway feature great identity, well-appointed lobbies, abundant natural light, plus a 15,000-square-foot outdoor courtyard for an array of tenant uses. Furthermore, the buildings’ high clear heights and loading capabilities lend versatility to accommodate a wide range of corporate uses.
The campus has a strategic location in the heart of San Jose’s North First Street Corridor, long recognized as one of the most desirable trade areas in Silicon Valley. The location also provides close access to highways, walkability to VTA light rail and amenities, and immediate access to Mineta San Jose International Airport.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.