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Drawbridge Lands San Jose Office, R&D for $128M
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Shorenstein Properties LLC divested Rose Orchard in San Jose to San Francisco-based Drawbridge Realty, for $128.2 million. The 100%-leased Golden Triangle complex, located at 110-180 Rose Orchard Way in the heart of Silicon Valley, comprises five office and R&D buildings totaling 315,000 square feet on an 18-acre campus.
Drawbridge’s Bill Doyle says, “This recently modernized campus and its solid tenant mix align perfectly with our strategy of acquiring operationally important, single-tenant, corporate properties in key markets across the United States.”
Following acquisition of the property in 2015 for a reported $70.2 million, Shorenstein invested significant capital and undertook an expansive renovation to create a creative work environment. The property was roughly 30% leased at the time, and four out of five buildings on the campus stood vacant.
Subsequently, the vacant buildings were substantially improved, including upgrading the entryways and lobbies, building out interior space with creative and functional finishes and adding outdoor collaborative space. Today, three of the vacant buildings are leased to new tenants, and an existing tenant expanded into the fourth.
JLL’s Will Connors handled the property sale for the seller. They buyer was self-represented. CBRE and Cushman & Wakefield leased the property.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
