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April 5, 2020
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Hines and Oaktree Capital Management Entity Acquire 445k sf Silicon Valley Office Complex


A venture between Hines and a subsidiary of real estate funds managed by Oaktree Capital Management L.P. has acquired Santa Clara Towers, a 445k sf property comprised of twin 11-story, Class A office towers in Santa Clara, for $196 mil ($440/sf).

One of the buildings, Tower l at 3945 Freedom Circle, was built in 1985 and includes a helicopter landing pad on the roof. The Tower ll building, at 3965 Freedom Circle, was built in 1998. Both buildings are LEEDŽ Gold and have earned the ENERGY STARŽ label.

The Towers offer unobstructed views of the surrounding area and prominent identity with significant visibility from US Highway 101. The complex features mature landscaping, expansive hardscape and a water feature. Interior amenities include a fitness center with exercise machines and activity rooms, a heated swimming pool, whirlpool spa, and locker rooms with showers.

Prominently located along Hwy 101 in the Golden Triangle submarket of Santa Clara, Santa Clara Towers offers convenient access to Route 237 and Interstate 880 and is in close proximity to major hotels, universities and San Jose International Airport.

Hines and Oaktree will pursue a significant capital upgrade program to reposition the complex, including building a brand-new amenity center with conference facilities, bike lockers, showers, outdoor collaborative space, and additional tenant improvements. This will allow Hines and Oaktree to offer tenants significant value for their rent and a meaningfully improved built environment in which to work.

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