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8/15/24
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Klein Investments Family Limited Partnership has acquired Silicon Valley Innovation Hub, a 146.2k sf, state-of-the-art building in San Jose that is fully leased to Merck KGaA, Darmstadt, Germany. The property was sold by a joint venture between Cannae Partners and Blue Vista Capital Management LLC in an $81.5 mil ($557/sf) transaction.
Located at 3011 N First St, the property is situated inside Silicon Valley’s Golden Triangle and is surrounded by some of the world’s most recognizable companies including Google, Microsoft, Samsung and Dell. It is a short commute from executive and employee housing via the 237, 880 and 101 Freeways and has proximity to abundant retail amenities within the @First Shopping Center.
The property features expansive Class 10 and Class 100 clean room facilities that are supported by world-class infrastructure. Nearly impossible to recreate, the property has an estimated replacement cost of over $200 mil, or approximately $1,368 per square foot, which includes acid waste neutralization systems, 32,000 cubic-feet-per-minute exhaust scrubbers, de-ionized water systems and two expansive covered and fully permitted concrete pads.
Steven Golubchik, Edmund Najera, Jonathan Schaefler and Darren Hollak with Newmark represented the seller in the deal. The buyer was repped by Michael Hartel and Nick Velasquez of Colliers International.
“Silicon Valley Innovation Hub benefitted from strong investor interest given the robust existing infrastructure and a long-term commitment from Merck KGaA, Darmstadt, Germany,” said Golubchik. “We are seeing a thematic change from investors, who are focused on long-term investments with infrastructure.”
Established in 1668, Merck KGaA, Darmstadt, Germany, is one of the most long-standing, innovative science and technology companies in the world. The property supports both the existing and future scopes for the company, with direct connections to resources, market access, extensive expertise as well as countless technological opportunities through local relationships and partnerships.
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