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12/20/22
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WF Batton Management Company bought Valley Research Center, a 129k sf R&D campus in North San Jose in a $41.5 mil ($322/sf) transaction.
Photo: Vantage Point Photography |
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Valley Research Center is comprised of two 64.5k sf buildings, which were renovated in the last two years with a new lobby, collaborative work areas, fitness center and outdoor recreational areas. 2590 Orchard Parkway is fully leased to Harmonic Inc and 2580 Orchard Parkway is 26% leased to FIT Electronics (Foxconn).
Joe Moriarty, Scott Prosser and Jack DePuy of CBRE’s Capital Markets team represented the seller in the deal.
“The Silicon Valley R&D market has remained resilient. Valley Research Center’s state-of-the-art improvements and location in the Golden Triangle, amongst high-cap technology companies, provide a huge upside opportunity for those looking for access to world-class talent and innovation,” said Moriarty.
The R&D sector in Silicon Valley recorded 1.8 msf in leasing activity in the third quarter this year, according to CBRE. North San Jose had the highest year-to-date net absorption in Silicon Valley as tenants seek proximity to well-known technology and R&D companies. Quality buildings containing lab space continue to garner interest as average asking rates are at $2.91 per sq. ft. on a monthly, NNN basis.
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