SANTA CLARA, CA—It is a huge understatement to say the impact of the tech world on the Bay Area is profound. That impact is most obviously demonstrated in the real estate world, another huge understatement. With values continuing to climb, Santa Clara sits conveniently located at the southern tip of the Bay, poised to take in the bulk of the activity.
One of the buildings in the thick of it was built in 2001. The steel-framed three-story building at 3689 Kifer Rd. previously served as the global headquarters for National Semiconductor. A Lennar Commercial/Rialto Capital Management partnership bought the property from Texas Instruments two years ago. Since last year, it has been leased to Apple on a long-term basis. The tech firm utilizes the building for office & R&D purposes.
Bayview Development Group Inc. recently purchased the 144,000-square-foot class-A office/R&D building from Lennar Corporation/Rialto Capital Management. Bayview also acquired a neighboring site that is entitled for a new 174,000-square-foot office building.
GlobeSt.com learns the purchase price was $90 million, which equates to $641 per square foot. Bayview says its investment strategy is geared towards creating long-term value for both investors and the surrounding communities.
“We are confident in the market fundamentals of the San Francisco Bay Area and are in the process of seeking to further augment and solidify our Northern California portfolio,” according to Bayview Development Group's vice president of finance and development, Ted McMahon. “The purchase of 3689 Kifer Rd. and the adjacent development site is another step to increasing our local footprint.”
The building features a dramatic lobby, expansive glass, flexible and open floor plans surrounding a three-story atrium, large windows, 17 feet floor-to-floor clear height and 12-foot drop ceilings.
“The engaging social atmosphere, modern design and impressive architecture make this development unique,” says Michael Semmen of Zum3D.
The Kifer Road property is located near the corner of Lawrence Expressway and Kifer Road, along the border of Sunnyvale and Santa Clara. It has access to major arteries such as Highways 101 and 280 as well as the Lawrence CalTrain station. The area has been developed with a nod to the tech workforce, with nearby entertainment, dining and retail, and adjacent pre-existing and future residential developments.
Bayview Development Group is a privately held real estate development and investment firm focused on high-density mixed-use projects in Northern California. Bayview Development Group is an affiliate of Beijing Damei Investment Co., a large scale mixed-use developer in Beijing.
Lennar Corporation (aka Rialto Capital) was represented by Eastdil Secured. Cushman & Wakefield senior vice president Gregory M. Davies and associate director Greg Bennette represented the buyer.
“This has been a wonderfully collaborative team effort between Cushman & Wakefield and Bayview Development Group,” Davies tells GlobeSt.com. “We are here to help them realize their vision of acquiring new, high-quality assets and building their presence.”
This acquisition represents Beijing Damei's and Bayview Development Group's second cooperative transaction in the Bay Area. In June 2015, the two companies collaborated in acquiring a 1.4 acre site in downtown San Jose. Located directly across from City Hall, the site is currently undergoing the process of entitlement for a 600-plus residential unit project.
SANTA CLARA, CA—It is a huge understatement to say the impact of the tech world on the Bay Area is profound. That impact is most obviously demonstrated in the real estate world, another huge understatement. With values continuing to climb, Santa Clara sits conveniently located at the southern tip of the Bay, poised to take in the bulk of the activity.
One of the buildings in the thick of it was built in 2001. The steel-framed three-story building at 3689 Kifer Rd. previously served as the global headquarters for National Semiconductor. A Lennar Commercial/Rialto Capital Management partnership bought the property from
Bayview Development Group Inc. recently purchased the 144,000-square-foot class-A office/R&D building from
GlobeSt.com learns the purchase price was $90 million, which equates to $641 per square foot. Bayview says its investment strategy is geared towards creating long-term value for both investors and the surrounding communities.
“We are confident in the market fundamentals of the San Francisco Bay Area and are in the process of seeking to further augment and solidify our Northern California portfolio,” according to Bayview Development Group's vice president of finance and development, Ted McMahon. “The purchase of 3689 Kifer Rd. and the adjacent development site is another step to increasing our local footprint.”
The building features a dramatic lobby, expansive glass, flexible and open floor plans surrounding a three-story atrium, large windows, 17 feet floor-to-floor clear height and 12-foot drop ceilings.
“The engaging social atmosphere, modern design and impressive architecture make this development unique,” says Michael Semmen of Zum3D.
The Kifer Road property is located near the corner of Lawrence Expressway and Kifer Road, along the border of Sunnyvale and Santa Clara. It has access to major arteries such as Highways 101 and 280 as well as the Lawrence CalTrain station. The area has been developed with a nod to the tech workforce, with nearby entertainment, dining and retail, and adjacent pre-existing and future residential developments.
Bayview Development Group is a privately held real estate development and investment firm focused on high-density mixed-use projects in Northern California. Bayview Development Group is an affiliate of Beijing Damei Investment Co., a large scale mixed-use developer in Beijing.
“This has been a wonderfully collaborative team effort between Cushman & Wakefield and Bayview Development Group,” Davies tells GlobeSt.com. “We are here to help them realize their vision of acquiring new, high-quality assets and building their presence.”
This acquisition represents Beijing Damei's and Bayview Development Group's second cooperative transaction in the Bay Area. In June 2015, the two companies collaborated in acquiring a 1.4 acre site in downtown San Jose. Located directly across from City Hall, the site is currently undergoing the process of entitlement for a 600-plus residential unit project.
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