SUNNYVALE, CA-Tishman Speyer has regained full ownership of the424,000-square-foot Sunnyvale Office Park after buying out itspartner's interest in the property. The company didn't disclose theamount it paid or the name of the partner, but previousreports on GlobeSt.com said that Tishman Speyer ownedthe complex in partnership with GE Capital. According to thosereports, General Electric used pension fund money toby an 87% stake in the asset from Tishman Speyer for approximately$226 million in mid-2007, two years after Tishman paid $174 millionfor the entire project.

The office park consists of three class A office buildings on 19acres. It is the world headquarters for Juniper Networks, aprovider of high-performance network infrastructure to serviceproviders, enterprises and public sector organizations. Juniper isthe sole tenant of the park, with long-term leases stretchinganother 10 years or more.

Tishman Speyer managing director Carl Shannon said in a preparedstatement that the acquisition of its partner's interest ":reflectsour high regard for the asset and its sole tenant, along with ourconfidence in the long-term strength of the Silicon Valley officemarket.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.