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May 24, 2018
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Buchanan Street Partners Closes $32 Mil Silicon Valley Office Buy


Buchanan Street Partners purchased the Bayland Building, a 116k sf office project located nearby Levi’s Stadium in Santa Clara, for $32.3 mil, or $278/sf. The building, located at 2953 Bunker Hill Lane, north of US Hwy 101 and west of Great America Pkwy, was sold by Sleepy Hollow Investment Company.

The building is 100% leased to four tenants, including Inphi Corporation. The property, which features structured parking for tenants, is within walking distance to the Santa Clara Convention Center, Levi’s Stadium and a light-rail station.

Buchanan Street will invest meaningful capital into Bayland to elevate the asset’s profile and tenant appeal. Plans include modernizing the building systems, updating common areas and increasing on-site amenities to attract and retain Silicon Valley’s innovative workforce.

“This project was an attractive investment because of its strong in place tenancy, discount to replacement cost and the potential to meet multi tenant office demand at competitive rates,” said Robert Dougherty, partner at Buchanan Street Partners. “Bayland is well positioned to benefit from its proximity to the stadium and from future mixed-use developments planned in the area, including Related Company’s planned hotel, retail and residential project.”

“Santa Clara is home to the highest number of blue-chip tech tenants in Silicon Valley, making it an attractive location for small and mid-sized firms that serve those businesses,” said Dougherty. “With the limited supply of well-located, multi-tenant office product in the region, we anticipate robust demand at Bayland over the next few years.”

Eastdil Secured’s San Jose team represented the seller in this transaction. Buchanan Street represented itself.

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