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6/18/25
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Hines paid $27.1 mil for 401 Whitney Place, a 72.8k sf, ($372/sf) high-powered industrial building located at 401 Whitney Place in the Bay Area city of Fremont. The property is 100% leased to Bloom Energy, a leading AI data center power provider. Bloom Energy servers (“Bloom Boxes”) generate electricity on-site using natural gas, biogas or hydrogen through an electrochemical process, converting gas to electricity.
Strategically located along the Warm Springs Corridor just off the I-880 Fwy, 401 Whitney sits in a premier Bay Area industrial submarket. The property features existing improvements including three dock-high and three at-grade roll-up doors, 24-foot ceiling heights and 4,000 amps of power. With a low floor area ratio, the site layout provides abundant yard space and ideal ingress and egress for truck loading and unloading, catering to the needs of today’s active users.
Steven Golubchik, Edmund Najera, Darren Hollak, Francesca Zappula and Brendan Raney with Newmark represented the unnamed seller in the transaction. According to Golubchik, the property received extensive interest from a wide range of investors, including industrial funds and new market entrants with a power and infrastructure thesis.
Fremont led large-block leasing activity for Silicon Valley in the first quarter of 2025, with 885k sf of leasing achieved, according to Newmark Research. The largest lease in Silicon Valley was in Fremont, with AIVRES, a leading AI data center infrastructure provider, signing a 261k sf lease at 47550 Kato Rd. The Fremont industrial market (excluding warehouses) is comprised of 10.7 msf with a 4.9% vacancy rate, outperforming the broader Silicon Valley industrial market’s 6.1% vacancy rate.
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