SANTA CLARA — A giant workplace and analysis constructing in Santa Clara close to the Nice America amusement park has been purchased by a development firm in an indication of ongoing investor curiosity in Silicon Valley industrial websites.
Veteran normal contractor DPR Building purchased the constructing at 5201 Patrick Henry Drive, which is understood for its distinctive wedge form, in accordance with paperwork filed on Sept. 14 with the Santa Clara County Recorder’s Workplace.
The development firm, performing by means of an affiliate, paid $49.4 million for the constructing, the county information present. W.F. Batton, a improvement agency, was the vendor.
Cushman & Wakefield brokers Steve Horton and Kelly Yoder and Savills brokers Kelly Givens and David Gordon organized the property buy, which was an all-cash deal.
The constructing totals 150,000 sq. ft and was empty on the time of the acquisition, in accordance with Cushman & Wakefield and Savills, that are industrial actual property companies.
Apple was the final recognized tenant within the constructing however the tech titan exited the location a few 12 months in the past.
The brand new proprietor couldn’t instantly be reached for remark to debate plans for the property.
What is evident, nonetheless, is that the constructing is positioned in an space that's poised to expertise a substantial quantity of economic property redevelopment.
A couple of blocks away, the land beneath Nice America was purchased for $310 million in June by Prologis, one of many nation’s largest actual property improvement and funding companies. A variety of makes use of, together with housing, workplace buildings, industrial facilities, superior manufacturing services and tech websites may sprout on the property.
Plus, builders are eyeing new housing or workplace buildings on different properties within the neighborhood.
The just-purchased constructing at 5201 Patrick Henry was as soon as a producing heart for Dysan, a maker of storage media similar to floppy disks, disk drives and tape drives.
The constructing boasts dramatic options, described within the advertising and marketing brochure that Cushman & Wakefield distributed.
“Massive indoor atriums, glass ceilings, expansive exterior terraces and one-of-a-kind structure” are among the many options of the constructing, in accordance with the brochure.