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9/04/26
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Spear Street Capital purchased a 138k sf office property in the Bay Area city of Mountain View in a deal valued at $121.5 mil, or $876/sf. The property, located at 400 Castro St, between highways 82 and 85, was sold by Tishman Speyer.
Tishman Speyer developed the building in 2002 and immediately leased the office space in full to Fenwick & West, which has remained a tenant in the building. The Class A building was 100% leased at the time of sale.
Centrally located with convenient access to highways and Caltrain, 400 Castro features efficient floorplates, expansive roof decks, underground parking and views of the San Francisco Bay and coastal mountains. The property is located in the heart of Downtown Mountain View, surrounded by restaurants and retail, with Cascal restaurant, Peet's Coffee, and Sweetgreen on site.
Tishman Speyer was represented by the Eastdil Secured team led by Nate Jones.
The transaction represents one of the strongest pricing outcomes for a Mountain View office sale in recent years. Per Tishman Speyer, since a 2012 recapitalization, gross performance was 17.4% IRR and 1.9x equity multiple, while net performance over the same period ranged from 15.8 to 17.0% IRR and 1.8x to 1.9x equity multiple, after applicable fees and expenses.[1]
Silicon Valley leasing activity has accelerated in recent quarters, driven by demand from AI and technology sector growth, supported by the region’s deep talent pool. Those trends continue to benefit high-quality office properties in districts such as Downtown Mountain View.
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