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10/01/26
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A Morgan Stanley Real Estate Investing-managed fund has acquired a 189.5k sf R&D building in the Bay Area city of Milpitas for $84.1 mil, in an all-cash deal that works out to $444/sf. Built in 1998 and renovated in 2017, 601 McCarthy is 100% leased to KLA Corporation, a leading semiconductor process control and inspection equipment manufacturer.
The property, located at 601 McCarthy, serves as a critical R&D and data center facility for KLA, located just a short walk from the company's Milpitas global headquarters. 601 McCarthy features two stories, 6,000 amps of power, large floor plates and a 9.7-acre site with 620 parking spaces. KLA has made substantial recent investments in the property, including a significant data center expansion and power infrastructure upgrades.
The asset is strategically positioned at the intersection of State Route 237 and Interstate 880 within Silicon Valley's "Golden Triangle," the globally recognized epicenter of semiconductor innovation and advanced manufacturing. The Milpitas-North San Jose corridor is home to the headquarters and major operations of industry leaders including Cisco, Western Digital, Micron, Applied Materials and SanDisk, creating an unmatched ecosystem for hardware and semiconductor companies.
JLL's Capital Markets Investment Sales and Advisory team representing the seller was led by Daniel Renz, Adam Lasoff, Will Connors, Michael Manas, Jack Kovalik and John O'Neal.
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