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May 31, 2020
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PCCP LLC and Lincoln Property Company Acquire 464k sf Silicon Valley Biz Park


A venture between PCCP LLC and Lincoln Property Company has acquired Valley Technology Centre, a seven-building, 464.6k sf Class A office and R&D complex on 26.4 acres in San Jose. From what we’ve been told, the deal had a price tag near $145 mil ($310/sf).

Valley Technology Centre is located at 2660, 2680, 2700, 2720 and 2740 Zanker Rd, and 2585 and 2595 Junction Ave in North San Jose, in the heart of Silicon Valley’s “Golden Triangle.” The area, bounded by three freeways, is renowned for its high concentration of leading technology companies that include Apple, Intel, Google and Samsung. The campus was 74% leased at time of sale.

Built in 2000, Valley Technology Centre has recently undergone capital upgrades including one of its seven buildings completing a substantial market ready renovation including and new lobby and communal break area. All of its buildings are two-story office and R&D facilities that offer 18’ clear height on the ground floors to accommodate roll-up doors and shipping and receiving requirements that are attractive to R&D tenants in the market today.

Its location provides connectivity across Silicon Valley and the broader San Francisco Bay Area, with easy access to major freeways (I-880, US 101 and State Route 237) and to public transit via the Bonaventura Light Rail Station just blocks away.

The property was sold by MWest. It represents the 13th acquisition that PCCP and Lincoln Property Company have purchased together.

Silicon Valley’s economy is driven primarily by technology firms with 15 of the 20 largest employers in the region being tech-based firms including major companies such as Cisco, Lockheed Martin, Intel, IBM, Facebook, Apple, Google and eBay, to name a few. Affluent Silicon Valley has the highest concentration of high-tech workers of any metropolitan area in the U.S.

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