SANTA CLARA, CA-HFF has closed the sale of Marriott Business Park, an office/R&D business park totaling 427,500 square feet.

HFF marketed the property on behalf of the seller, a joint venture between two global investment managers. Legacy Partners, in joint venture with AllianceBernstein U.S. Real Estate Partners, purchased the property for an undisclosed amount.

Marriott Business Park was the second property of a two-property portfolio listed by HFF on behalf of the seller, containing a total of 892,500 square feet. The first property, Park Square, closed last month in a transaction to The Irvine Company.

The property is located just off Great America Parkway near Highway 101 and the Lawrence Expressway in Santa Clara. Situated on nearly 26 acres, Marriott Business Park includes 12, single- and two-story buildings that are 90% leased. Constructed between 1979 and 1980, the property has been institutionally maintained and has recently undergone significant capital and tenant improvements.

The HFF team representing the seller was led by senior managing director Michael Leggett, managing director Steven Golubchik and associate director John Simerlein.

“Investors were attracted to the stable in-place occupancy with substantial upside potential from near-term rollover of currently occupied suites, which were leased at rates significantly below-market, allowing the new owner to capitalize on the surging office market,” commented Golubchik. “Furthermore, the property offered investors increased site density should the new ownership seek redevelopment in the future.”

As an investor and operator with a long-standing presence in its core markets - Northern California, Southern California, Denver and Seattle - Legacy Partners Commercial has provided high-quality properties to tenants, and solid returns to investors, for more than 40 years. Its specific focus in the western U.S. provides the company with economies of scale in acquisitions, development, marketing, leasing, design, construction and management that directly benefit its tenants and investors.

HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

Instant Insights /

HFF Closes Sale of Marriott Business Park

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