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July 12, 2024
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San Jose R&D Facility Lands New Owner

6/14/24

A Blue Owl Capital-managed fund acquired 1010 Rincon Circle, a 90.9k sf, state-of-the-art R&D facility in San Jose. The price was not disclosed.

The property is 100% leased to Quanta Cloud Technology (QCT), a publicly traded world leader in data center and cloud technology. It serves as the firms U.S. headquarters location.

Situated in the Golden Triangle of the Silicon Valley, 1010 Rincon is ideally located to service QCTs client base throughout the region and is surrounded by some of the worlds most recognizable companies, including Google, Microsoft, Samsung, Dell and Johnson & Johnson. The property also offers convenient access to executive and employee housing via a two-minute drive to both the 101 and 880 Freeways. Building features include an expansive auditorium and cafeteria, multiple loading docks, data center infrastructure and advanced AI testing facilities.

Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairmen Edmund Najera, Senior Managing Director Jonathan Schaefler and Managing Director Darren Hollak represented the seller, Machine Investment Group, in the sale to the buyer.

1010 Rincon offers a prime opportunity for a durable cash flow stream, secured for 10 years by a leading AI server company within this state-of-the-art R&D facility," said Golubchik. "The San Francisco Bay Area, renowned for its technological innovation, has seen a surge in demand for AI-driven facilities.

A leading partner of Nvidia, Google Cloud, Sony and Amazon Webservices, QCT specializes in the design, engineering and manufacturing of server, storage and networking products. QCT aims to deliver high-performance, scalable and cost-effective cloud infrastructure to meet the demands of modern data centers, cloud computing and enterprise IT environments.

In the past 12 months over 1,200 Bay Area AI companies have received $31.8 bil of VC funding, or just over 50% of the national share, according to Newmark Research. AI companies leased 2.3 msf in leases over 20k sf in 2023 throughout the Bay Area, with 60% of that space in Silicon Valley.




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