Washington Holdings Spends $170MM on 609,000 SQFT Tasman Tech Campus in Milpitas

Orchard Partners, Milpitas, NVZN Labs, Tasman Tech Campus, Newmark, CBRE

(EDITOR’S NOTE: The sales price, according to sources with direct knowledge of the transaction details, was $170 million, or just over $279 per square foot. According to previous reporting by The Registry, the property was sold by a venture between Orchard Partners and Lionstone. The companies acquired the campus in September of 2014.)

MILPITAS, CA — October 21, 2021 — Washington Holdings is proud to announce the acquisition of Tasman Tech, a 14- building Class A R&D campus located in Silicon Valley’s Golden Triangle.  The acquisition of the 608,968 square foot property situated on 47.1 acres bolsters the firm’s Silicon Valley R&D portfolio to just under 2.5M square feet over seven campuses.  

Tasman Tech recently underwent renovations and features an outdoor dining area with three on-site restaurants, a state-of-the-art fitness facility, outdoor collaboration areas, drought-tolerant landscaping and modernized building entries, lobbies and interiors. Washington Holdings will continue the renovation through the remainder of the park.

The campus is currently 81% leased to 17 tenants and has experienced nearly 160,000 sq. ft. of leasing activity in the last 18 months. The remaining vacancies are ready to lease immediately and feature highly functional R&D and office space with 16’ clear heights, 2,000 amps of power, grade and dock high loading, and excellent parking.  

The addition of Tasman Tech 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 with seven R&D campuses for tenants to choose from. As a long-term focused investor, Washington Holdings offers best in class property management and leasing services to Silicon Valley’s R&D users.   

In addition to their R&D portfolio, Washington Holdings has developed the Element Hotel in Santa Clara as well as Mission Park Marketplace, a five-building retail center adjacent to the hotel.  The firm has additional holdings throughout the West Coast including a portfolio of select service hotels; a significant multi-family portfolio in the Seattle metro area; and their flagship 1.8 million square foot Union Square office project in downtown Seattle.

Washington Holdings is a West Coast focused, diversified, institutional real estate investment firm with over $3B in assets under management. Headquartered in Seattle, with offices in Los Angeles and Silicon Valley, the firm’s mission is to achieve superior risk-adjusted returns through their talented team of committed real estate professionals.

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