Park Point The 30-acre sitehas three office/R&D buildings totaling approximately 472,000square feet.

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MILPITAS, CA—One of the few remaining headquarters facilitiesavailable in Silicon Valley has been acquired at a purchase pricein the neighborhood of $70 million, GlobeSt.com learns. A jointventure between Embarcadero Capital Partners and PCCP LLC acquiredthe recently renamed Park Point campus from Los Angeles-basedHudson Pacific Properties with plans to transform the campus intocreative space.

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“We have a long history of creating transformative corporateheadquarters along the 237 Corridor,” says Carol Donnelly,Embarcadero Capital principal. “We are thrilled to start working onPark Point with our partner PCCP and the teams from HOK andNewmark. We believe this campus is one of the best large blocks ofspace immediately available in Silicon Valley at an incrediblycompetitive price point.”

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The 30-acre site featuring three office/R&D buildingstotaling approximately 472,000 square feet is located at 115-155North McCarthy Blvd. Located at the intersection of Highway 237 andInterstate 880, Park Point occupies a strategic location foremployers looking to reduce commutes times for employees travelingfrom all directions of Silicon Valley. Given the dispersion oftalent in the Bay Area, Park Point offers one of the few remainingmacro-level locations at Silicon Valley's end of the Bay.

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Design, architecture, engineering and planning firm HOK has beenengaged to lead the project's revitalization as a creativeworkplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign ofNewmark Knight Frank's Silicon Valley office have been hired as theexclusive listing agents of Park Point.

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“Upon completion Park Point will offer an optimized, highlyefficient, flexible workplace that will promote productivity withbest in class indoor/outdoor usable amenity space,” Saign tellsGlobeSt.com.  “This campus will be a key recruiting andretention tool for occupiers who want to create an engagingenvironment their employees will love coming to work within.”

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More than 50 food, lodging, hospitality and retail amenities arelocated across the street from Park Point. The campus also featuresdirect access to the Guadalupe hiking trail and will have shuttleservice to the new Milpitas BART station.

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Following a slow start to the year in the first quarter of 2019,office activity has once again started to pick up in the SiliconValley, according to a report by Newmark Knight Frank. Due to anumber of large deals being signed and very few new large spacescoming to market to counter that, the market posted 461,828 squarefeet of positive net absorption.

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As a result, availability dropped 1.1 percentage points to 8.9%overall for the market. Overall asking rents dropped $0.04 persquare foot to $4.21 per square foot, as multiple large and highlypriced spaces were leased in Santa Clara, Sunnyvale and MountainView.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.