FREMONT, Calif. (April 27, 2015) – In a joint venture, TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, and Farallon Capital Management, LLC, a global investment firm that manages capital on behalf of institutions and individuals, announced today the acquisition of 46555 Landing Parkway, a 117,000-square-foot R&D building at Bayside Technology
Park in Fremont, Calif.
Formerly occupied by SGI and LAM, plans are to invest capital to bring the building up to market standard and lease to a growing company in Fremont. The seller was an undisclosed partnership. The acquisition price was undisclosed. Chip Sutherland, Sherman Chan, and Ben Rojas of CBRE Brokerage Services represented both parties.
TMG has been active in Fremont for the past decade.
“Tenants are moving from other South Bay and Peninsula cities to take advantage of the City of Fremont’s highly educated work force, affordable housing, and pro-business city government,“ said David Cropper, managing director of TMG Partners. “Fremont is one of the most vibrant markets in the South Bay and we have never seen the kind of tenant demand velocity that exists today.”
“We bought a high quality building with good bones and ample power at a very attractive low cost, which allows us to be very competitive in a hot market where vacancy has been cut in half during by the last three years,” said Brian Fleming, partner at TMG Partners.
“This transaction is another example of our collaboration with TMG to source and then manage high quality properties in Northern California,” said Rocky Fried, managing member at Farallon. “We look forward to partnering with TMG to enhance this property in a market that is experiencing significant demand expansion.”
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. TMG has developed more than 23 million square feet of property throughout the San Francisco Bay Area, including Emeryville, Marin City, Novato, Mountain View, San Bruno, San Jose and San Francisco. One of the most active developers in this area in the last decade, the company has developed a variety of office, retail, residential and industrial properties, ranging from office campus and multi-story properties in urban, infill locations to mixed-use retail and single-story suburban buildings. For detailed information, visit: www.tmgpartners.com
About Farallon Capital Management
Farallon Capital Management, L.L.C. is a global institutional asset management firm founded in 1986. Farallon manages approximately $19.5 billion for institutions, including college endowments, charitable foundations and pension plans, and for high net worth individuals. Farallon employs approximately 180 employees. Farallon is headquartered in San Francisco and has offices in London, Singapore, Hong Kong, Tokyo and Sao Paulo. Farallon is currently investing capital for Farallon Real Estate Partners, which targets income-producing office, multifamily, retail and industrial properties. More information about Farallon may be found at www.faralloncapital.com