(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property was purchased for $170 million, or $450 per square foot. The seller of the property was a joint venture between Four Corners Properties and Westbrook Partners. RioTech is located at 3545 North First Street and 30, 50, 70, 90 and 130 Rio Robles in San Jose. Joe Moriarty, Scott Prosser, Russell Ingrum and Jack DePuy of CBRE represented Four Corners Properties in their sale of the site to Washington Holdings.)
SANTA CLARA, CA — April 23, 2021 — Washington Holdings is proud to announce the acquisition of RioTech R&D Park, a Class A seven-building multi-tenant R&D campus totaling 377,776 square feet situated on a 23.94-acre parcel. The acquisition of the campus bolsters the firm’s Silicon Valley R&D portfolio to six multi-building campuses including 47 buildings totaling just under 2M square feet.
RioTech recently underwent renovations between 2015 and 2019, including new lobbies, high-end finishes, LED/Title 24 lighting and new outdoor amenity areas. The campus is currently 79% leased to four tenants with a weighted average lease term of nearly seven years. The two vacant spaces are highly functional R&D spaces with 16’ clear heights, 2,000 amps of power and grade and dock-high loading. The vacancies are in market-ready condition and ready to lease immediately.
Although the property has been renovated, additional capital will be spent to further elevate the property’s presence in the North San Jose market.
The addition of RioTech to the Washington Holdings Silicon Valley portfolio further enhances the firm’s ability to offer flexibility to tenants as their real estate needs evolve over time. As a long- term hold investor, Washington Holdings offers best in class property management and leasing services to Silicon Valley’s R&D users.
Since 2013 the firm has acquired and through renovation transformed Mission Park in Santa Clara, Montague Square, North First at Orchard Station, Montague Oaks and Zanker Place, all in San Jose, into best-in-class R&D campuses.
Washington Holdings acquires, develops and manages real estate investments within the western United States. Headquartered in Seattle, with offices in Los Angeles and Silicon Valley, our mission is to achieve superior risk-adjusted real estate investment returns through our talented team of committed people.