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California  + Bay Area  + Office  | 

Vertical Ventures Lands Milpitas Office/R&D Campus for $46M

Vertical Ventures LLC acquired a three-building office/R&D campus in Milpitas for $45,500,000. The buildings are located at 475, 501 and 525 Sycamore Dr. and are known as Sycamore Technology Park. The asset was acquired from a JV between certain affiliates of Westport Capital Partners and Cannae Partners.

Constructed in 1983, the buildings total roughly 213,519 square feet, and are currently 84% leased to two different tenants. The seller was an unnamed local Bay Area-based investor, which had owned the project since 2016.

The new owner plans to invest additional capital into the project, including market-ready renovations to currently unoccupied tenant spaces. Vertical Ventures’ Christopher Aust says, “This is a high-quality project, with a great location, in a very desirable Milpitas submarket. We feel like we have a strong basis and the opportunity to add significant value through physical renovations and active asset management.”

A NorthMarq team led by Nathan Prouty secured $39,935,000 in senior bridge financing for the acquisition, and to fund capital improvement as well as future leasing costs.

Cushman & Wakefield’s Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff and Ryan Venezia represented both parties in the transaction.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Sale/Acquisition
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