California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Newmark Lines Up $167M of Debt for Santa Clara Office Acquisition
Newmark arranged $167.1 million in acquisition financing for The Campus @ Scott, a three-building, 460,000-square-foot Class A office complex located at 3315, 3325 and 3355 Scott Blvd. in Santa Clara. The transaction ranks among the largest office trades in Silicon Valley year-to-date and underscores investor confidence in the market, according to Newmark.
Executive vice chairman Ramsey Daya, executive managing director Chris Moritz and associate director Connor Stapleton represented the borrower, a joint venture of San Francisco-based Ellis Partners and Boston-based investment manager The Baupost Group. The seller was New York City-based Clarion Partners.
The sale closed last month, with SiliconValley.com reporting a purchase price of $207 million. “This transaction is the first clear institutional marker of Silicon Valley’s rebound,” said Daya. “The strong lender interest underscores renewed conviction in financing the highest-quality office assets, while tenants are once again seeking best-in-class campuses to fuel their growth.”
- ◦Sale/Acquisition
- ◦Financing
