Workplace buildings at 101 Structure Drive and 155 Structure Drive, a part of the Menlo Gateway campus in Menlo Park. A giant investor has purchased a stake in a big workplace campus in Menlo Park that’s leased to Fb in a deal price effectively over a half-billion dollars.
MENLO PARK — A giant investor has purchased a stake in a big workplace campus in Menlo Park that’s leased to Fb in a deal price effectively over a half-billion dollars, in keeping with federal and native public paperwork.
The deal, valued at about $540 million, concerned the three buildings within the under-construction Menlo Gateway workplace campus in Menlo Park, the general public information present.
An affiliate of Canada-based Brookfield Asset Administration, a giant actual property funding agency, purchased a 49% curiosity within the tech campus, in keeping with a public property doc filed on Nov. 30 with the San Mateo County Recorder’s Workplace.
The vendor of the stake was Alexandria Actual Property Equities, a Dec. 1 submitting by Alexandria with the Securities and Trade Fee exhibits.
The Menlo Park workplace advanced totals 773,000 sq. toes, the Alexandria SEC submitting states.
With the current transaction, Bohannon Workplace Traders retains a 51% curiosity within the three-building campus. All three of the buildings are eight tales excessive.
Fb had beforehand struck a deal to lease your complete tech campus, which has addresses of 100 Independence Drive, 101 Structure Drive and 155 Structure Drive.
The constructing on Independence Drive is totally accomplished and the 2 buildings on Structure Drive are beneath building, in keeping with a submit on the Bohannon Cos. web site.
The transaction represents the second main buy of Silicon Valley workplace buildings valued at effectively over a half-billion dollars by an affiliate managed by Brookfield Asset Administration.
In March 2021, Brookfield paid $630 million for 2 huge Mountain View workplace buildings leased to Fb, a constructing that features the Showplace ICON Mountain View film advanced with 10 screens, and a parking construction, Santa Clara County public information present.
The Brookfield offers, together with quite a few different property purchases, present that veteran buyers starvation for alternative websites in Silicon Valley.
Among the many high-profile offers apart from the Brookfield purchases:
— In July 2021, HQ @ First, an workplace advanced on Holger Means in north San Jose, was purchased by an affiliate of funding agency KKR for $535 million.
— In December 2021, three buildings which might be a part of the Coleman Highline advanced in north San Jose, was purchased by London-based AGC Fairness Companions for $780 million.