Located at the corner of North First Street and Highway 237, thebuildings were built by Cisco Systems in 2001-2002 but neveroccupied by the company. InOctober 2005, IBM signed a 12-year lease for 125,000 sf inone of buildings.
The seller, a joint venture of Divco West's Page Mill PropertyFund and California State Teachers Retirement System, acquired thetwo 188,000-sf buildings along with an adjacent 78,000-sf buildingat the beginning of 2005 for $52 million or $114.50 per sf.
"Since we were able to purchase the property at a discount toreplacement cost, we can provide new space at lower rents than isrequired for new construction," says Carlyle managing director PaulBrady. "There are very few options remaining for large tenants inthe area who need a Class-A environment with great visibility…."
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