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April 17, 2021
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Goldman Sachs and Lincoln Property Company Buy 88k sf Silicon Valley Office Asset

2/04/21

A joint venture between the Merchant Banking Division of Goldman Sachs and Lincoln Property Company has purchased an 87.6k sf office building at 331 Fairchild in the Silicon Valley city of Mountain View. The deal was financed with a $58.7 mil first mortgage loan provided by Mesa West Capital.

The three-story, Class A LEED Certified Platinum office building was constructed in 2013. It is 100% leased to Knowles Electronics through September 2023.

The five-year, floating rate loan was arranged by Ramsey Daya with Newmark Capital. Josh Westerberg and Ronnie Gul led the origination team at Mesa West Capital. A portion of the loan proceeds will fund a capital improvement program along with tenant improvements and leasing commissions associated with the building lease up if Knowles Electronics does not renew its lease.

The property fronts U.S. Hwy 101 across from Moffett Field. Mountain View, located in the heart of Silicon Valley between Palo Alto and Sunnyvale, is recognized as the home of Alphabet’s Google. Other corporate neighbors include Synopsys Inc., Samsung, Intuit, LinkedIn, Veritas Technologies and Omnicell.

The joint venture will invest in a comprehensive capital improvement program to enhance the property to meet the strong demand by large established technology companies looking to expand or establish a presence in Mountain View’s supply-constrained office market. Improvements will include modernization to the courtyard entrance, and upgrades to the lobby and indoor amenity spaces.

“Historically Mountain View has been more stable and seen less volatility compared to other submarkets in the Bay Area, and we expect that to continue during these extraordinary times,” said Westerberg. “Overall, Mountain View ranks among Silicon Valley’s strongest submarkets particularly for technology companies attracted by the area’s talent base.”





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