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December 9, 2023
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Washington Holdings Buys 378k sf San Jose R&D Campus


Seattle-based real estate investment firm Washington Holdings has acquired RioTech R&D Park, a Class A R&D campus in San Jose. The property is centrally located in the North San Jose submarket with immediate access to mass transit as well as the Bay Area’s most prominent highways.

Although the actual purchase price was not immediately disclosed, we can tell you that Washington Holdings financed the buy with an acquisition loan of $113 mil. The five-year, interest-only loan was arranged by Brad Zampa and Mike Walker with CBRE’s Capital Markets’ Debt & Structured Finance team and funded through an international bank.

The property consists of seven Class A R&D buildings totaling 377.8k sf of space. The buildings have been fully renovated over the last five years and are currently 79% leased with a weighted average lease term (WALT) of nearly six years with strong tenancy.

RioTech is in the heart of The Golden Triangle, the area between Highways 101 and 237 and I-880 that incorporates parts of North San Jose, Santa Clara, Sunnyvale and Milpitas, and serves as a preferred office location for several world-leading technology firms.

The Silicon Valley Research and Development (R&D) market, comprised of over 145 msf, is consistently one of the nation’s best performing markets. Over the last ten years, driven largely by the exponential growth of the technology industry, Silicon Valley’s R&D market has steadily increased in both occupancy and rental rates. The R&D vacancy rate at the end of the second quarter of 2021 was 10.1%, and the overall average asking rate was $2.72 per square-foot per month on a triple net basis (“NNN”).

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