SAN JOSE, CA-Legacy Partners is set to add more space to this ultra-tight market, having purchased 88.6 acres on Yerba Buena Road from Orchard Properties. On it will rise a 1.8-million sf business park called Highlands Corporate Center that will be marketed to high tech tenants seeking up to 250,000 sf in flex space. Phase One will break ground in the summer, and is should be ready for occupancy by June 2002.

Legacy’s financial partners in the purchase were Goldman Sachs, CS First Boston and Walton Street Capital. Commercial Property Services represented Legacy in the sale, while CB Richard Ellis represented Orchard. Financial terms were not disclosed.

“We found that many high-tech companies based (here) were looking to expand but unable to remain in the area because of the shortage of high-quality R&D and office space,” said Legacy senior vice president Allen Palmer in announcing the news. “Highlands Corporate Center will offer a tremendous opportunity for corporate tenants looking for significant amounts of space in the Silicon Valley.”

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