SANTA CLARA, CA—Tech Park at Freedom Circle, a 12-building, class A, office and research and development park here has been acquired by the Irvine Company for $136.5 million. HFF represented the seller, Legacy Partners, who purchased the asset in a joint venture with AllianceBernstein's Real Estate Group in 2013.

The 12 one- and two-story, steel-reinforced buildings that comprise the property are located on 25.74 acres at 2518-2560 Mission College Boulevard and 3900-3990 Freedom Circle in the center of Silicon Valley. Leasable space is approximately 427,873 square feet. The property sits at the intersection of Highway 101 and Great America Parkway within walking distance to Santa Clara Valley Transportation Authority bus service for easy connection to light rail.  Park amenities include an outdoor bocce ball court, outdoor collaborative meeting areas, on-site café with corporate catering, electric vehicle charging station and tree-lined walkways with quiet sitting areas.  The park is 95% leased to 28 tenants in the telecommunications, hardware manufacturing, software programming, networking, publishing and biotechnology/life sciences sectors.

The HFF investment sales team representing the seller included senior managing director and co-head of HFF's San Francisco's office Steven Golubchik and senior managing director and co-head of both the San Francisco office and HFF's national office investment sales platform Michael Leggett.  Also assisting with the deal were directors John Simerlein and Ben Bullock and senior analyst Josh DiSalle.

“This sale is a win/win for both sides,” said Steve Dunn, senior managing director of Legacy Partners. “With our strong local team in place, Legacy capitalized on market momentum-- successfully and swiftly executing a project upgrade and strategic leasing plan well ahead of schedule.  Tech Park is a fantastic asset and undoubtedly will be a great addition to The Irvine Company's portfolio.”

“This is part of our ongoing, long-term investment in Santa Clara and Silicon Valley, where we have operated for 20 years,” said Hanns Lee, regional senior vice president overseeing the Irvine Company's expanding portfolio of office workplaces in Northern California. “We will be integrating Tech Park at Freedom Circle into our office portfolio as another option for existing and potential customers.”  

The Irvine Company recently completed Santa Clara Gateway, a 911,000-square-foot, six-building modern office campus at Great America Parkway and California 237.  The project is 70% occupied and has attracted leading names including Dell, Square, Arista Networks and GlobalFoundries.  The company currently is building the first phase of offices at Santa Clara Square, a 1.8 million-square-foot office campus where Ericsson will locate its Silicon Valley operations starting later this year.