(EDITOR’S NOTE: According to the Silicon Valley Business Journal, the two properties were sold for a combined $30 million. 10600 De Anza traded for $19.5 million, while 10690 De Anza sold for $10.5 million).
SAN JOSE, CA – CBRE has completed the sale of two adjacent properties in Cupertino, Calif. Scott Prosser, Joe Moriarty and Jack Depuy with CBRE Capital Markets represented the seller, The Sobrato Organization. Tenny Tsai with Cushman & Wakefield represented Jian Hua, LLC, and Li Mao, LLC in their purchase of the office and retail buildings. Together the properties comprise just over 2.5 acres along De Anza Boulevard, next to the Infinite Loop campus of a global tech company.
The office property is a Class A building totaling 28,600 sq. ft. located at 10600 De Anza Boulevard. Built in 1985, the three-story building is currently vacant. The retail property is located next door at 10690 De Anza Boulevard. Built in 2002, it is fully leased to a BJ’s Brewhouse restaurant. Both properties include surface parking, and there is subterranean parking under the office building.
The properties are located in the North De Anza Boulevard Special Area Plan, allowing flexibility for future redevelopment across office, industrial, commercial and residential uses.
“This was an incredibly rare opportunity to acquire a large property on a prominent corner in one of the best-performing office markets in the country. Only a handful of Class A office buildings have sold in Cupertino over the last few years. Large tech firms in the area have heightened the scarcity and competition for office and R&D space,” said Mr. Prosser, executive vice president, CBRE.
Cupertino and neighboring Sunnyvale and Mountain View possess the highest concentration of major technology companies in the world. Cupertino’s Class A office vacancy rate is typically the lowest of all Silicon Valley submarkets. Class A vacancy stood at just 3.6 percent in the third quarter of 2021, according to CBRE research, compared to 11.7 percent for the Silicon Valley office market as a whole.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.