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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.

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