Shorenstein Properties, LLC (“Shorenstein”), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced the acquisition of Phase I of America Center (the “Property”), which consists of two six-story Class A office buildings and a development parcel at 6001 and 6201 America Center Dr. Terms of the transaction were not disclosed.
Located on the border of Santa Clara and North San Jose in a 30-acre campus, the Property totals 427,600 square feet and is 98% leased with a weighted average remaining lease term of 2.9 years. The Property is LEED Gold-certified and has on-site amenities including exercise options, full-service cafeterias, outdoor trails, a sports park and expansive indoor and outdoor gathering space. Situated within the five-building America Center complex, the Property’s location along Highway 237 provides convenient access to Interstates 880 and 680 and U.S. Highway 101, allowing for easier commuting for employees from broader Silicon Valley, East Bay and Oakland. The Property also includes an entitled development site for a new six-story, 200,000 square foot office building.
“Silicon Valley has long been the epicenter of tech talent, and we are pleased to expand our footprint in the region with the acquisition of Phase I of America Center,” said John Boynton, Managing Director at Shorenstein. “The Property offers an ideal option for companies that are seeking a highly amenitized campus setting with excellent freeway visibility, and we are pleased to add another high-quality office project to Shorenstein’s portfolio as companies continue to return to the office.”
Silicon Valley has experienced consistent rent growth over the past ten years, with increasing tenant demand. With panoramic views of the Bay Area, the Property is conveniently located near retail, hotel and entertainment options, as well as several airports.
About Shorenstein Properties LLC
Founded in 1960, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.
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