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6/09/15
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A MetLife Real Estate Advisors entity has purchased THE Campus, a 250k sf creative office campus in Silicon Valley, for $96 mil, or $384/sf. The project, located at Trimble Rd and Orchard Pkwy in San Jose, was sold by Bixby Land Company and Cornerstone Real Estate Advisers (who acted on behalf of an institutional client).
The venture between Bixby and Cornerstone acquired the four-building project in 2012 and engaged Studio G Architects in an extensive redesign of the office campus. The project had sat virtually empty for an extended period of time and needed a complete overhaul – building exteriors, roofs, mechanical equipment, common areas, landscaping and more.
The building exteriors were reskinned to feature sleek architectural lines, and high-volume atrium entryways further established the contemporary look and feel of the project. Part of the work included the addition of an expansive open area between two of the buildings to create an oversized outdoor living room and amenities area, a signature element in Bixby projects. Also added were an outdoor gourmet kitchen, dining areas, fountains, plush couch seating around a fire table, eco-friendly landscaping, and more.
Market acceptance for the project was immediate, with Verizon leasing two buildings for 136k sf in June 2014, just 90 days after completion. ASML US Inc. leased another 92k sf earlier this year.
The seller was represented by CBRE’s Northern California Capital Markets Group. The MetLife buying entity is MCP Trimble Campus LLC.
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