The seller is Whitehall Parallel Real Estate LP XIII, one of theWhitehall Real Estate Funds managed by Archon Group LP, anaffiliate of the Dallas-based Goldman Sachs Group Inc. WXIII isselling the buildings and its leasehold rights on the underlyingdirt, which is owned by the City of Mountain View.

The addresses of the campus are 1600 Amphitheatre Parkway and1200-1500 Crittenden Lane. The ground lease related to 1600Amphitheatre contains an initial term expiring in 2050 with fouroptions to extend the term for additional periods of ten yearseach. Rent payments under the ground lease will be approximately$140,000 per month and will increase by 4% each year thereafter. Inaddition, every 10 years the annual base rent will be readjusted toequal 7% of the then-current fair market value.

The ground lease related to 1200-1500 Crittenden Lane containsan initial term expiring in 2051, not including four 10-yearextension options. Rent payments under the lease will beapproximately $175,000 per month and will increase by 4% each yearthereafter and be adjusted every 10 years such that the annual rentit equals 7% of the then market value.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.