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7/24/12
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AEW Capital Management acquired a two-building, 126.2k sf office / R&D asset located at 3000 and 3030 Orchard Pkwy in San Jose on behalf of one of its institutional clients. The property was sold by DivcoWest, a privately owned real estate investment firm with offices in San Francisco and Boston. The price was not disclosed.
Built in 2000, the Class A property is 100 percent leased and sits on 6.43 acres just off San Jose’s North First Street Corridor. 3000 Orchard Parkway is leased by Samsung, while 3030 Orchard Parkway is leased by SAP, but is currently subleased to Fairchild Semiconductor, which utilizes the building as its headquarters.
Boston-based AEW, a real estate investment portfolio manager with a major West Coast presence in Los Angeles, plans to capitalize on a rapidly improving North San Jose leasing market. AEW represented itself in the transaction. Fred Córdova, Andy Zighelboim, Nate Jones, Jim Beeger, Ryan Eddy, and Tommy Kim of Colliers International repped DivcoWest.
”The momentum in the North San Jose leasing market has been tremendous with the lowest vacancy in over a decade and asking rents that have increased substantially over the past 12 months,” said Juan Dueñas, director of acquisitions for AEW. “Considering the quality of these buildings and the prime North First Street Corridor address, we feel this asset will command a premium in the leasing market going forward.”
The sale marks the completion of its second high-profile North San Jose Office/R&D transaction in the past 30 days by the Colliers Investment Services Group. The team also represented Lane Partners and JER with their disposition efforts of 3055 Orchard Dr, a 111.3k sf vacant building now owned by TMG and Alcion.
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