Oaktree Capital Partners Teams with Pruneyard Towers Owner for Upgrade & Expansion

The three-building office complex in Campbell known as The Pruneyard has a new majority owner that’s bringing an infusion of cash to upgrade the existing towers and construct a new one. Oaktree Capital Partners has joined up with existing owner Ellis Partners in a deal worth $141.5 million, according to Santa Clara County public documents.

The transaction included the three towers totaling 246,000 square feet, acreage for the fourth tower, and a multi-level parking structure. The planned fourth tower, which already has been approved by the city, would rise five stories and total 100,000 square feet.

“We are really excited that we have a new partner, and a new plan for the office towers, and the ability to make another major investment in them,” said Jim Ellis, managing principal of Ellis Partners, which will continue its existing ownership of the adjacent Pruneyard retail, restaurant and movie theater development.

Eastdil Secured Investment’s South Bay team and Cushman & Wakefield agents Todd Beatty, Bob Simpson and Rob Souza arranged the deal.

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