The 30 hectare site has three office / R&D buildings with a total area of around 472,000 square meters.
MILPITAS, CA – GlobeSt.com learns that one of the few remaining facilities in Silicon Valley has been acquired for near $ 70 million. A joint venture between Embarcadero Capital Partners and PCCP LLC acquired Hudson Pacific Properties' recently renamed Park Point campus in Los Angeles with the aim of converting the campus into a creative space.
"We have a long history of creating a transformative corporate office along Corridor 237," said Carol Donnelly, principal, Embarcadero Capital. “We are very excited to be working on Park Point with our partner PCCP and the HOK and Newmark teams. We believe this campus is one of the best large blocks of space available immediately in Silicon Valley at an incredibly competitive price. "
The 30 acre site with three office / R&D buildings with a total area of around 472,000 square meters is located at 115-155 North McCarthy Blvd. Located at the intersection of Highway 237 and Interstate 880, Park Point is a strategic location for employers looking to reduce commute times for employees from all directions in Silicon Valley. Given the dispersion of talent across the Bay Area, Park Point offers one of the few remaining macro-level locations at the end of the bay in Silicon Valley.
The design, architecture, engineering and planning company HOK was commissioned to lead the revitalization of the project as a creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank's Silicon Valley office have been hired as Park Point's exclusive listing agents.
"Upon completion, Park Point will provide a streamlined, highly efficient and flexible workspace that boosts productivity with great indoor and outdoor space," Saign told GlobeSt.com. "This campus will be an important recruiting and retention tool for users who want to create an engaging environment in which their employees enjoy working."
Over 50 food, lodging, hospitality and retail facilities are located across from Park Point. The campus also offers direct access to the Guadalupe hiking trail and offers a shuttle service to the new Milpitas BART station.
After a sluggish start to the year in the first quarter of 2019, office activity in Silicon Valley has picked up again, according to a report by Newmark Knight Frank. Due to the signing of a number of large contracts and the fact that very few new large spaces are coming on the market to counter this, the market saw positive net absorption of 461,828 square feet.
As a result, availability for the market decreased 1.1 percentage points to a total of 8.9%. Overall, asking rents fell by $ 0.04 per square foot to $ 4.21 per square foot as several large and high-priced spaces were rented in Santa Clara, Sunnyvale, and Mountain View.