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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
- ◦Financing
- ◦Sale/Acquisition


