SANTA CLARA, CA—The Marriott Business Park has been purchased by a joint venture between Legacy Partners and AllianceBernstein U.S. Real Estate Partners. The sale terms were not disclosed.
Holliday Fenoglio Fowler marketed the 427,500-sq.-ft. office/R&D park on behalf of the seller, a joint venture composed of two global investment managers.
“Investors were attracted to the stable in-place occupancy with substantial upside potential from near-term rollover of currently occupied suites, which were leased at rates significantly below-market, allowing the new owner to capitalize on the surging office market,” said Steven Golubchik, managing director of HFF, in a statement. “Furthermore, the property offered investors increased site density should the new ownership seek redevelopment in the future.”
The Santa Clara, Calif. property sits on 26 acres and includes 12 single= and two-story buildings. The entire park is 90 percent leased. This is the second property the seller has disposed of in recent weeks; the first being the $65,000-sq.-ft. Park Square purchased by The Irvine Co. in May.
Golubchik along with colleagues senior managing director Michael Leggett and associate director John Simerlein represented the seller in the deal.