CBRE Global Investors Acquires Complex in Silicon Valley

SAN JOSE, CA-CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired Murphy Crossing, a five-building, office project in Silicon Valley.

Located at 1001, 1011 and 1033 McCarthy Boulevard and 915 and 933 Murphy Ranch Road on the border of Milpitas and North San Jose, Murphy Crossing is a 361,807 square foot class A property that serves as the headquarters location for all four of its existing tenants.

In addition to office space, Murphy Crossing features lab space, including server rooms, R&D and testing labs, and clean room space. With high-quality finishes and a campus-like setting, this best-in-class property currently includes such amenities as a cafeteria, fitness centers, showers, volleyball and basketball courts, jogging trails, a barbecue area and extensive landscaping. The property is located in the path of growth in an improving submarket, adjacent to light rail and in close proximity to the planned extension of BART.

To address upcoming vacancies, the CBRE Strategic Partners U.S. team has planned a capital campaign to further enhance the property including adding components of Strategic Partners' signature 5-Star Worldwide amenity suite and obtaining LEED certification. The team also plans to work with a leasing team from CBRE to actively market the newly renovated property and lease expiring space.

“Both the Silicon Valley office market and R&D market, with which Murphy Crossing competes, are experiencing  dramatic recovery,” said Vance Maddocks, president of CBRE Strategic Partners U.S. “With neighboring submarkets exhibiting single-digit vacancy, activity is shifting to Milpitas/North San Jose,  and weanticipate that as fundamentals continue to improve, demand will continue to increase for the area and for this asset, which has the proven ability to attract quality tenants.”

CBRE Global Investors is a global real estate investment management firm with $90.7 billion in assets under management as of March 31, 2013. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.