California + Bay Area + Office | July 15, 2019

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.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.