Silicon Valley’s Office/R&D Sectors Report Significant Growth in Q3 combining for over 1.9 MSF Net Absorption

Office Market may be Headed for Record Year, while R&D Market Rebounds SAN JOSE, Calif., October 15, 2018 – Cushman & Wakefield’s newly released office and R&D market reports for the third quarter of 2018 showed strengthening occupancy growth, with both sectors combining for more than 1.9 million square feet (msf) of positive net absorption. The R&D market contributed over 1.3 msf of growth with the office market adding another nearly 600,000 sf in Q3. Under the strain of two quarters of lackluster performance, the R&D sector broke through in the third quarter with a surge in deal velocity, a stabilization in net absorption and increased rents. And in the office sector, after three standout quarters it seems apparent that 2018 will not only outperform 2017 but may rival the record-setting growth of 2015. Julie Leiker, Cushman & Wakefield’s Market Director for Silicon Valley, said, “Year-to-date office net absorption has [...]

By | 2018-10-15T16:33:52+00:00 October 15th, 2018|In the News|0 Comments

Cushman & Wakefield Reps Pro-Bono to Support Cultural Learning & Language in Oakland

OAKLAND, Ca., January 29, 2018 – Cushman & Wakefield has represented The Roman Catholic Welfare Corporation/Diocese of Oakland (as landlord) in the long-term lease transaction to Golestan Center for Language Immersion and Cultural Education, popularly known as “Golestan Kids”. The property is owned by the Roman Catholic Diocese of Oakland and is known as the St. Jerome Campus. It is located at 320 San Carlos Avenue in El Cerrito, CA. Founded in 1941, the campus contains the school, convent, church, hall and rectory. In June 2017 the parish announced the closure of the school. Cushman & Wakefield’s Palo Alto-based Executive Managing Director, David Klein, Esq. SIOR LEED AP, was engaged by the Diocese to arrange a lease with a replacement tenant for the school property. Founded in 2006 in Berkeley, CA, Golestan Center for Language Immersion and Cultural Education, needed additional space to house its expanding program and enrollment. Golestan [...]

By | 2018-01-30T20:21:03+00:00 January 30th, 2018|In the News, Press Release|0 Comments

Cushman & Wakefield Assigned R&D Property Sale in San Jose

SAN JOSE, Ca., January 25, 2018 – Cushman & Wakefield has been retained as exclusive brokerage firm in the marketing and sale of 408 East Plumeria Drive, San Jose, CA, a 58,289 square foot office/R&D building 100% leased to Foxconn Interconnect Technology Limited (“FIT”), a wholly-owned subsidiary of Foxconn, the world’s largest contract manufacturer. Cushman & Wakefield will represent Montague Business Center Owner, LLC, a partnership between Vertical Ventures, LLC and an affiliate of Atlantic Creek Real Estate Partners, LLC, in the sale. The building is located in the heart of Silicon Valley and has recently undergone an extensive $7.5 million external and internal renovation.  FIT has committed to a 7.5 year lease term at the building through August 2026 and has invested more than $3 million of its own capital into the facility.  FIT is expected to utilize the facility to support its strategic initiatives with its many clients [...]

By | 2018-01-26T19:34:16+00:00 January 26th, 2018|In the News, Press Release|0 Comments

Exclusive: Why Cisco is Shedding Massive Milpitas Campus

By Janice Bitters, Silicon Valley Business Journal   Cisco Systems is letting go of more than 471,000 square feet of leased office space split between three buildings in Milpitas as it spends millions of dollars on its San Jose headquarters. The decision to shed the space by the end of the year has prompted landlord Hudson Pacific Properties to embark on a major overhaul of the property, known as Campus Center, at 115-155 N. McCarthy Blvd. near McCarthy Ranch. According to Cisco, the Milpitas departure is a move toward consolidating its Silicon Valley presence and beefing up its San Jose headquarters. “Our San Jose master plan includes investing in improvements and densifying our main headquarters campus by using Cisco technology and creating collaborative work environments to enhance innovation and productivity” “In alignment with that plan, the Milpitas McCarthy Ranch lease is no longer required for continued business operations.” City of San Jose building [...]

By | 2017-04-04T12:45:01+00:00 April 1st, 2017|In the News|Comments Off on Exclusive: Why Cisco is Shedding Massive Milpitas Campus

Burlingame Point: The Peninsula’s Largest Office/R&D Development

By Blau Journal -  International acclaimed developer, Kylli Inc.’s full scale, ground up development project in the Bay Area: Burlingame Point, recently broke ground, on cue to become one of the largest office development sites in the history of the Peninsula real estate market. The Burlingame Point office/R&D campus is located at 300 Airport Boulevard, Burlingame, California, situated on the Burlingame Waterfront, and will incorporate the world’s best design and technologies in a modern corporate campus. Partners on the project include commercial real estate firm, Cushman & Wakefield, world renowned architect Gensler, and Hathaway Dinwiddie construction. “Our vision is that Burlingame Point will not only be a world class destination for some of the Bay Area’s brightest minds to innovate, but it will serve as a catalyst for the region. Bringing new technology and life science companies that will lead the next generations of thinkers into the new century. [...]

By | 2017-04-02T18:58:08+00:00 February 21st, 2017|In the News|0 Comments

Developer buys Peninsula Office Building and Fully Leases to Tech Firm

by Roland Li, San Francisco Business Journal   Harvest Properties and LaSalle Investment Management have purchased a vacant office and R&D building in Foster City and immediately leased the entire building to a tech firm. The price for the 126,345-square-foot property at 1149 Chess Drive was about $35.3 million, or $280 per square foot. The sellers were Whitney Investments and Woodstock Development. Woodstock Development didn't immediately have comment. The 1975 building is currently fully vacant, but during the sales process, a tech firm signed an 11-year lease for the entire building, said Joss Hanna, partner at Harvest Properties. A source familiar with the deal said the tenant focuses on artificial intelligence and robotics. The asking rent was about $36 per square foot. The building is undergoing a renovation that include a new entrance and landscaping. The property is zoned for both light industrial and office uses. Harvest was attracted [...]

By | 2017-04-02T18:23:11+00:00 February 7th, 2017|In the News|0 Comments

Drug Segment Could Be Next Retail Casualty

By Lisa Brown, Globe Street -  The retail drug industry is undergoing consolidation, however, with creative repurposing, the closures can often create opportunities for higher and better uses that are more congruent with today’s retail market, says retail expert James Chung in this EXCLUSIVE. James Chung was recently appointed as retail practice group leader for the west region of Cushman & Wakefield. In this capacity, Chung will provide leadership and strategic direction for the region’s overall retail leasing business and coordinate with related service lines including strategic consulting, capital markets, single tenant net-leased investments, property management and project management. Chung discussed some of the recent retail closings, the reasons behind them, cool new concepts and interesting trends to watch in this exclusive. GlobeSt.com: We’ve seen Macys, The Limited, Sears, CVS and Kmart announcing plans to close some or all stores just in the last month. Are we through [...]

By | 2017-04-02T18:56:43+00:00 February 2nd, 2017|In the News|0 Comments

Chinese Developer Breaks Ground on Massive Peninsula Office Project

by Janice Bitters, Silicon Valley Business Journal  A Chinese developer recently broke ground on a $300 million bayfront office project in Burlingame, as the Peninsula continues to see strong demand for new Class A space. Chinese developer Genzon Property Group bought the Burlingame Point site nearly two years ago and now plans to build 767,000 square feet of office and life sciences space in five buildings ranging from two to eight stories tall. The development is aimed at attracting Asian firms looking to grow in the Bay Area. Burlingame Point is among a handful of ambitious Bay Area projects from Chinese developers. In the fall, Oceanwide Holdings started construction on Oceanwide Center in San Francisco, a huge mixed-use office, housing and hotel project across from the Transbay Transit Center. In South San Francisco, Greenland USA is expected to break ground next year on the first phase of the Landing at [...]

By | 2017-04-02T18:12:33+00:00 January 30th, 2017|In the News|0 Comments