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December 11, 2017
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Preylock Real Estate Holdings Spends $240 Mil on NNN-Leased Biz Campus in Silicon Valley

11/20/17

Preylock Real Estate Holdings has acquired a seven-building, 626k sf NNN-leased office/R&D campus in Santa Clara from DivcoWest in a $240 mil deal. The property is leased to Nvidia and Huawei's U.S. R&D subsidiary, Futurewei. The purchase was funded with $195 mil in bridge financing arranged by Meridian Capital Group.

The campus, developed in the late 1990s, is located at: 2770-2800, 2880 and 2890 Scott Blvd; 2220, 2300 and 2330 Central Pkwy; and 2001 Walsh Ave. Occupying nearly the entire square block, the campus is conveniently situated at the intersection of the Central Expressway and the San Tomas Expressway, and just blocks away from the 101 Freeway and the San Jose International Airport.

Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit (GPU) and innovator in the field of PC gaming, computer graphics, AI, and more.

The seven-year floating-rate loan features an initial five-year term followed by two one-year extension options and full-term interest-only payments. It was funded through an international bank that was able to provide flexible property release provisions and a competitive spread over LIBOR. This transaction was negotiated by Meridian’s Kovi Elkus and Jackie Tran and Seth Grossman.




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