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6/26/15
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In a recent Bay Area office buy, Shorenstein Properties LLC has acquired a five-building, 315k sf office campus at 110-180 Rose Orchard Way in North San Jose. Although the price was not disclosed, local pros are estimating a deal value of over $70 mil.
The 18-acre office campus was completed in 1985 and is currently 30 percent occupied. Shorenstein intends to undertake a multi-million dollar renovation and repositioning of the property, and will then market 220k sf of space to a variety of corporate users.
The campus has been renamed Rose Orchard and, in the coming months, Shorenstein will create additional outdoor collaborative areas that will allow tenants to expand their workspace beyond the interior walls. It will also renovate vacant interior space to provide larger users with a distinctive work environment that is in move-in-ready condition.
“This property provides one of the largest contiguous blocks of vacancy in the midst of the Golden Triangle, arguably one of the most hotly contested locations in the country,” commented Douglas W. Shorenstein, Chairman and CEO, Shorenstein Properties. “By deploying our in-house asset management and operational expertise and investing the appropriate capital, we plan to make Rose Orchard a highly desirable location for tenants seeking to announce or reinforce their presence in Silicon Valley,” he added.
Rose Orchard sits in a superior location close to all the Valley’s major arterial highways, including SR 237, access to which is just minutes away. The property is also in a highly walkable location with easy access to retail and leisure amenities. @First Retail Center, a 10-acre retail village anchored by Target, is within two blocks. The property is just two miles from Levi’s Stadium, home of the San Francisco 49ers, and Santa Clara City Center, a 230-acre mixed-use development now under construction and featuring retail, dining, residential, office and park uses. There are an estimated 4,500 high-density residential units surrounding Rose Orchard.
Shorenstein made the acquisition on behalf of its eleventh real estate investment fund, formed in 2014 with $1.22 billion in committed capital from Shorenstein and its investors. This is Shorenstein’s second major investment in the Golden Triangle for Fund 11 in the last 12 months. Last year, the company acquired Champion Station, a 426k sf office campus just a 10-minute walk from Rose Orchard on Tasman Dr in San Jose.
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