(EDITOR’S NOTE: The property sold for $152 million, or just under $371 per square foot, according to county documents. The seller of the property was JP Morgan. The seller purchased the asset in early 2014 and paid $109 million, or around $266 per square foot, from DivcoWest, according to the previous reporting by The Registry. Originally, JP Morgan had purchased the property along with Irvine, Calif.-based Bixby Land Company and acquired Bixby’s share at a later date. The property covers several different addresses. These are 3001, 3003, 3005 Tasman Drive, 5104 Old Ironsides Drive, 5101 Patrick Henry Drive and 3032, 3052 Bunker Hill Road.)
SAN FRANCISCO (March 26, 2020) – TMG Partners, one of the San Francisco Bay Area’s largest mixed-use property developers, announced today the closing of The Quad located at the intersection of Tasman Drive and Bunker Hill Lane in Santa Clara.
The Quad is a seven-building, 410,106-square-foot office campus consisting of two-story buildings built in 1982 and recently renovated by JP Morgan. Occupying 50% of the project on a long-term lease, anchor tenant Silicon Valley Bank maintains headquarters for their Global Commerce Bank operations at the property. Other tenants include GoDaddy, Perspecta, and a recently executed 23,000-square-foot lease with Knowles, bringing occupancy at the property to 73%.
“TMG Partners was attracted to this property because of its stable long-term cash flow, the Santa Clara location, our understanding of the need to provide office space for the many different size requirements of today’s tenants, as well as the existing suite of amenities,” said Ben Kochalski, Regional Partner with TMG Partners. “We will continue to add amenities and improvements with the confidence we will attract more businesses looking to headquarter in this location.”
Located three blocks from Levi’s Stadium, across from Kylli’s Mission Point, and four blocks from a 9.2-million-square-foot mega-community under development, is adjacent to VTA Light Rail station and easily accessible to us 101 and CA 237. Floor plates range from 19,000-50,000 square feet, able to accommodate a large range of users. Existing upgrades include an expansive outdoor courtyard, coffee shop, bocce ball and food truck courts, fitness center, market-ready spaces, modernized entryways and window lines. The site is also entitled for an additional 150,000 square feet, providing the opportunity for a build-to-suit development for an interested tenant.
About TMG Partners
TMG Partners, founded in 1984 and headquartered in San Francisco, is a full-service real estate development and management company. One of the most active developers in the Bay Area Region, TMG has a portfolio of more than 30 million square feet across Oakland, San Francisco, San Jose, and other Bay Area cities that includes a variety of office, retail, residential, and industrial properties, ranging from office campus and multi-story properties in urban-infill locations to mixed-use and single-story suburban buildings. For detailed information, visit TMG Partners.