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MILPITAS, CA-A five-building, 363,237-square-foot office complex here has changed hands. Built in 1994, Murphy Ranch is now owned by locally based Spear Street Capital, which invests in office buildings primarily leased to technology tenants. The seller was Prudential Real Estate Investors, the real estate investment management business of Prudential Financial.

The two-story, steel-frame buildings are bordered by McCarthy Boulevard, a creek and a light rail line. The property is 100% leased to three tenants, Avaya Inc., Intersil and Phoenix Technologies, though at least one of them is looking to sublease. Campus amenities include covered interconnected walkways, a full-service cafeteria, common area showers, sports courts and jogging and biking trails.

While the sale price is not being released by the investors and brokers involved in the transaction one local source tells GlobeSt.com that comparable properties are trading for approximately $150 per square foot. PREI paid approximately $199 per square foot ($70 million) for the property in 2004, when it was 96% leased.

The building addresses are 911, 933, 1001, 1011 and 1033 McCarthy Blvd. Avaya leases 140,000 square feet in two buildings, 1001 and 1033 McCarthy, all of which is on the sublease market. The triple-net asking lease rate for the space is $15 per square foot per year. The lease commenced in January and runs through the first quarter of 2012, according to an online advertisement for the space.

PREI sold the asset through Cornish & Carey Commercial. The listing brokers, Michael Leggett and Gerry Rohm, have since shifted to Holiday Fenoglio Fowler LP. Leggett and Rohm declined comment.

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