LOS ANGELES – July 28, 2015 – A fund advised by CBRE Global Investors has acquired Sunnyvale Crossing, a fully leased six-building Class A office/R&D campus in Sunnyvale, California.
Five single-story R&D buildings, one three-story office building, and a five-level structured parking garage comprise Sunnyvale Crossing. These buildings, which total 262,710 square feet, are located at:
• 195 North Wolfe Road
• 120 San Gabriel Drive
• 160 San Gabriel Drive
• 165 San Gabriel Drive
• 175 San Gabriel Drive
• 707 Kifer Road
Sunnyvale Crossing was completely renovated between 2012 and 2015, with capital improvement projects including exterior finishes, interior build-outs, and the addition of common area amenities that cater to technology tenants, such as outdoor courtyards with WiFi. The office building features top-of-the-line improvements, including exposed ceilings, open floor plans, a high-end cafeteria, and glass finishes throughout.
The increasing demand for office/R&D space from technology companies has resulted in a lack of supply in Sunnyvale with no large blocks of space available.
“Sunnyvale is home to some of the most established technology corporations and is a highly desirable location within the Silicon Valley for corporate users due to amenities, parking availability, and immediate access to public transportation,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “As an institutional-quality asset that provides a blend of in-place cash flow with upside potential in a target market, Sunnyvale Crossing is a strategic fit for our investment program.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.