X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-Arden Realty continued its buying spree this week with the acquisition of 26 R&D office buildings in the Silicon Valley. The 1.4-million-sf purchase includes buildings in Sunnyvale, Fremont, Palo Alto and Santa Clara. The cost of the assets was not released but Arden has stated that this acquisition and one other imminent deal in Arizona will total $350 million.

Los Angeles-based Arden was acquired last year by GE Real Estate as that company’s growth platform for the Western US. Last month, Arden agreed to acquire 38 former CarrAmerica office properties totaling 106 buildings and 5.9 million sf from the Blackstone Group next month for more than $2 billion. In the preceding eight months, it acquired $800 million of new properties, including several other R&D/office buildings in the Bay Area.

“This is a great first step into the Northern California market,” says Arden acquisitions director David Dowdney.

The latest acquisition included two portfolios acquired from an investor portfolio advised by the US real estate business of UBS Global Asset Management and, in a separate transaction, assets from MS/FC Crossman LLC and MF/FC SV 1 LLC. Eastdil Secured, led by Greg Cioth represented UBS. Joe Moriarty of Commercial Property Services represented MS/FC Crossman LLC and MF/FC SV 1 LLC.

The purchase from MS/FC Crossman LLC and MF/FC SV 1 LLC included six office/R&D buildings in Sunnyvale and Santa Clara totaling 252,509 sf. From the UBS investors, Arden acquired a 260,000-sf office/R&D park in Palo Alto and 19 suburban flex-office buildings throughout the Silicon Valley totaling 920,355 sf.

Arden owns 15.3 million sf in 193 properties in major markets throughout Southern California, Phoenix, and now Northern California. The company’s in-house operations include leasing, property and asset management, construction, development, and acquisitions.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.