MORGAN HILL, CALIF. – November 8, 2022 – Trammell Crow Company (TCC), a global real estate developer, and JV partner CBRE Investment Management, a global real assets investment management firm, broke ground on the Cochrane Technology Center, a 500,000-square-foot Class A business park in Morgan Hill, California. The single-phase project is the largest speculative industrial development currently under construction in Silicon Valley and will include five industrial buildings on a 30-acre site, which the JV partnership acquired in 2018. The firms expect to complete construction on Cochrane Technology Center in early 2024.
The development is designed for flexibility to accommodate multiple tenant sizes and the comprehensive operational needs of Silicon Valley companies. Buildings range from 73,000 to 138,000 square feet.
“We are excited to begin construction on the Cochrane Technology Center, a development that we have worked closely with Morgan Hill residents, city leaders and planners to bring to life. The final project plan will meet the needs of the Morgan Hill community and its economic development goals,” said Will Parker, Principal with TCC’s Northern California office. “Cochrane Tech will also meet the persistent demand for advanced manufacturing space in the Silicon Valley industrial market – a demand that continues to outpace supply, even in the current economic backdrop.”
Rob Shannon, Chip Sutherland and Brian Matteoni of CBRE are marketing and leasing the property. Other project partners include HPA, the architect of record; Kier and Wright, the project’s civil engineer; and Millie & Severson, acting as the general contractor.
“Today’s occupiers have a strong need for sophisticated and efficient industrial and logistics facilities,” said Nathan Zinn, Portfolio Manager for CBRE Investment Management. “We’re proud to partner with TCC to bring this modern, Class A asset to market and believe that it will provide long-term value for both our investors and industrial end-users in the Silicon Valley area.”
Cochrane Technology Center fronts Highway 101 between Cochrane and Half Roads. The park will be within minutes of San Jose and is close to Silicon Valley’s high concentration of talent. The groundbreaking follows delivery and sale of TCC’s and CBRE IM’s Butterfield 5 Technology Park, located in the same submarket and recently honored as Best Industrial Project at the Silicon Valley 2022 Structures Awards.
About Trammell Crow Company
Trammell Crow Company (TCC) is a leading commercial real estate developer and an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of June 30, 2022, TCC had $19.3 billion of projects in process and $11.5 billion in its pipeline. It employs 700 professionals in 26 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $143.9 billion in assets under management* as of September 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients.