SAN JOSE, CA-Rreef and GE have reportedly selected a buyer for 20 R&D buildings in the Silicon Valley. Twelve buyers reportedly made it to the round of best-and-final offers for the 400,000-sf package, with DRA Advisors/Landmark Asset Management Group coming out on top. The purchase price is believed to be approximately $185 per sf, which translates to $74 million.

The buildings were part of the 119-building, 5 million-sf, 70%-leased Peery Arrillaga portfolio that Rreef and GE acquired in 2006 for approximately $205 per sf. The 20-building package being re-traded is approximately 80% occupied and includes one and two-story, mostly single-tenant research and development buildings constructed between 1962 to 1985, according to one local institutional-quality investor who knows R&D buildings and reviewed the offering memorandum.

Nearly all of the buildings are located in Sunnyvale and more than half of them are in the vicinity of highways 237 and 101. The two buildings not in Sunnyvale are next to the San Jose International Airport.

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