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8/24/20
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Vertical Ventures acquired Sycamore Technology Center, a three-building, 213.5k sf office/R&D campus in Milpitas, for $45.5 mil ($213/sf). The asset was sold by a joint venture between affiliates of Westport Capital Partners and Cannae Partners.
Sycamore Technology Center was approximately 84% leased at the time of sale to two credit tenants. The property is situated in the Oak Creek Business Park in the northeast corner of Silicon Valley’s famed Golden Triangle, regarded as one of the most prestigious locations in the valley due to the numerous prominent technology companies that call the trade area home.
The campus’ strategic location provides advantageous access to business centers and residential communities throughout Silicon Valley, while also enjoying outstanding proximity to highways and main thoroughfares and excellent transit access including VTA light rail and the new Milpitas BART station.
Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel, and Ryan Venezia with Cushman & Wakefield represented both parties in the transaction. Gregory Davies, Steve Horton, Erik Hallgrimson and Kelly Yoder, also with C&W, provided leasing advisory services for the sale, and have also been retained by Vertical Ventures for project leasing.
“Even during COVID-19, Silicon Valley commercial real estate remains highly desired by investors due to its position as a major innovation hub poised to rebound quickly. This sale is one of the first value-add deals to close escrow since the shelter-in-place commenced, indicative of the optimism around the region's economic future,” said Fox. “Sycamore Technology Center is home to innovative tenants including those in the medical technology industry which has proven to be highly desirable through the pandemic.”
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