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9/22/16
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Empire Square Group has purchased 1701 McCarthy Blvd, a 34k sf R&D building located off of Montague Expy in the Oak Creek submarket of Milpitas. The Bay Area property is currently 100 percent leased and serves as Silicon Microstructures’ headquarters and in-house R&D facility.
The building neighbors a high concentration of major technology companies, including Cisco Systems and SanDisk, and offers convenient access to Interstate 880, Highways 237 and 101 as well as the I-880 VTA station. It is also less than three miles away from the under-construction Milpitas BART station and a wide variety of retail and dining options.
Empire Square Group purchased the building on behalf of a capital partner from Meriwether Partners. Scott Prosser, SIOR, Joe Moriarty and Jack DePuy of CBRE Capital Markets, represented both the buyer and the seller in the deal. The price was not disclosed.
“Meriwether Partners had owned the building since 2006,” said Prosser, Executive Vice President, CBRE Capital Markets. “But with a long term lease in place and with a well-established tenant, the acquisition provided a great opportunity for Empire Square Group to acquire a property in Silicon Valley.”
Coupled with growing demand, Milpitas and the surrounding submarkets of San Jose and Santa Clara have experienced a significant loss of office and R&D space to new development, pushing vacancy rates down to record-setting levels and resulting in limited options for tenants.
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