Equity Office Sells 201,178-SF Office, R&D Campus
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SAN FRANCISCO-Equity Office Properties has sold Montague @ 880, a three-building, 201,178-square-foot office/R&D campus in San Jose, CA. HFF, who marketed the property on behalf of Equity, tells GlobeSt.com that it cannot disclose the selling price at this time.
An entity owned by funds managed by Westport Capital Partners LLC purchased the property free and clear of existing debt. The campus is situated on 11.46 acres and fronts the intersection of Interstate 880 and Montague Expressway in San Jose. The individual buildings are located at 1060 Rincon Circle, 1010-1020 Rincon Circle and 2216-2220 O’Toole Avenue.
The HFF investment sales team representing the seller was led by senior managing directors Michael Leggett and Gerry Rohm, managing director Steven Golubchik, director Dave Karol and real estate analyst Mark Damiani. “This property provides investors with a unique, value-add opportunity to lease-up space and dramatically increase revenue by taking advantage of a strong and rising Silicon Valley market,” Golubchik says in a prepared statement. “Each of the buildings range between 51,000 square feet and 88,000 square feet and may be leased individually or together, providing a multitude of leasing strategies to investors.”
According to a recent report from Jones Lang LaSalle market activity for the Silicon Valley regained its momentum from the second quarter lull with the closing of multiple large transactions. “With the flow of tenant activity making its way through Sunnyvale into Santa Clara and North San Jose, overall asking rent continues to move upward as landlords have become increasingly bullish on the high level of demand.”
According to JLL, “the robust demand for space in Silicon Valley is expected to continue throughout the end of 2012 and into mid-2013, with technology firms at the forefront of leasing activity.”
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