3333 Scott Blvd. Picture courtesy of CommercialEdge
Preylock Actual Property Holdings has acquired a 244,906-square-foot workplace asset in Santa Clara, Calif., for $182.5 million, based on CommercialEdge information. The vendor, a partnership between CBRE International Buyers and CalSTRS, had purchased the constructing for $162.5 million in 2017, after its completion.
Data filed with Santa Clara County present that Preylock borrowed $120.9 million of PCCP LLC‘s debt funds, by way of promissory notes, for the acquisition.
Developed by Menlo Equities, the lately bought Class A constructing was absolutely occupied by Utilized Supplies on the time of closing; the corporate had subleased the area from Aruba Networks Inc. in 2022.
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Located on 3.5 acres at 3333 Scott Blvd., north of Utilized Supplies’ Santa Clara headquarters, the six-story asset is a part of the 1.3 million-square-foot Campus @ 3333. The 30-acre property contains seven workplace buildings, two parking garages and a 30,000-square-foot amenity constructing. Options embody a health middle, cafeteria, basketball courtroom, outside eating space, bocce ball courtroom and outside seating areas.
The workplace campus is 3.5 miles from downtown Santa Clara and roughly 7 miles from downtown San Jose, Calif. The situation is lower than 5 miles from Meta Sunnyvale Campus, the 719,037-square-foot property that modified palms final yr in Silicon Valley’s largest funding sale.
The Bay Space instructions excessive costs
The 3333 Scott property bought for roughly $745.3 per sq. foot in one of many largest offers of the Bay Space market this yr up to now. The transaction exhibits that, whereas the workplace sector is dealing with critical headwinds, demand in sure areas continues to end in very excessive costs, particularly for Class An area.
Bay Space’s workplace gross sales averaged $448 per sq. foot within the first 4 months of the yr, based on a current CommercialEdge report. The worth was greater than double the one recorded on a nationwide stage ($196 per sq. foot), though 13 p.c smaller on a year-over-year foundation.
