Asset Caters to Tenants Needing Office/Lab Space
Valley Technology Centre has all the fundamentals including its considerable size, opportunity to add value, institutional quality and key Silicon Valley location that PCCP and Lincoln wanted.
SAN JOSE—Built in 2000, Valley Technology Centre, a 464,600-square-foot class-A office and R&D complex, has recently undergone capital upgrades. This includes one of its seven buildings getting a substantial overhaul including a new lobby and communal break area.
Valley Technology Centre is 74% leased and located on 26.4 acres at 2660, 2680, 2700, 2720, 2740 Zanker Rd. and 2585, 2595 Junction Ave. Its location has access to freeways (Interstate 880, US 101 and State Route 237) and public transit via the Bonaventura light rail station.
PCCP LLC‘s joint venture with Lincoln Property Company recently acquired Valley Technology Centre from seller MWest for an undisclosed purchase price. This marks PCCP’s 13th acquisition with Lincoln Property Company.
“Valley Technology Centre is truly a unique asset that caters to traditional Silicon Valley tenants that require both office, and lab and manufacturing space,” Brendan Shanahan, vice president with PCCP, tells GlobeSt.com. “The investment had all the fundamentals for us that included its considerable size, opportunity to add value, institutional quality and key Silicon Valley location.”
All of the Valley Technology buildings are two-story office and R&D facilities that offer 18-foot clear height on the ground floors to accommodate roll-up doors, and shipping and receiving requirements.
“Valley Technology Centre will enable us to capitalize on the current and growing tenant demand in North San Jose,” said Brandon Wang, executive vice president at Lincoln Property Company.
This location in the Golden Triangle, bounded by three freeways, is known for its high concentration of technology companies. And, 15 of the 20 largest employers in the region are tech firms including Cisco, Lockheed Martin, Intel, IBM, Facebook, eBay, Apple, Intel, Google and Samsung.
The valley has the highest concentration of high-tech workers of any US metropolitan area, with more than 1 million employees. With a population of more than 3 million, Santa Clara County’s economy continues to be one of the best performing in California, contributing to the state’s ranking as the fifth-largest economy in the world.
PCCP has more than $6.5 billion in assets under management on behalf of institutional investors. Since its inception in 1998, PCCP has committed more than $16 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures.
Lincoln Property Company’s cumulative development efforts have produced more than 130 million square feet of commercial space and in excess of 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States.