Cushman & Wakefield WIN Silicon Valley Hosts Special Employee Yoga and Brunch Event

Cushman & Wakefield’s Women’s Integrated Network (WIN) Silicon Valley Chapter recently hosted a relaxing yoga session followed by a fun brunch and company networking experience. The special event focusing on mental and physical health took place on the morning of Saturday, September 21 at Santana Row, a renowned mixed-use project where our offices in San Jose/Silicon Valley are located.  Cushman & Wakefield participants consisted of a diverse group of folks from Asset Services, Project and Development Services (PDS) and Global Occupier Services (GOS). The one-hour yoga session was part of a larger summer series sponsored by lululemon, a retail tenant of Santana Row, who offers yoga every Saturday in the project’s courtyard. WIN SV Chapter Lead Tiffany Lauchlan of Asset Services, and WIN SV Co-Chapter Lead Vanessa Chavira of PDS helped organize the event for Cushman & Wakefield employees. The duo also set up a Cushman & Wakefield check [...]

By |2019-10-14T16:21:05-04:00October 14th, 2019|In the News|0 Comments

Tech Activity Drives Silicon Valley in Q2-19 as Outlook Remains Upbeat – Region Remains Shining Star in U.S.

Cushman & Wakefield Releases New Local Q2 Office-R&D Market Reports SAN JOSE, Calif., July 24, 2019 – Cushman & Wakefield’s research department has released their second quarter 2019 market report for the Silicon Valley office and R&D markets. Below are some of the key findings from these reports plus local expert commentary: R&D MARKET Silicon Valley’s R&D vacancy rate decreased significantly to 9.1% during the second quarter of 2019, down from 9.8% in the first quarter. After a negative growth start to the year, net absorption surged with 1.2 msf in the second quarter, bringing mid-year 2019 growth to 917,000 sf. Silicon Valley R&D Trends (4-quarter trailing average) “Fueled by Q2, year-to-date R&D net absorption in 2019 already nearly doubles the full 2018 absorption of 491,000 sf,” said Julie Leiker, Cushman & Wakefield’s Research Director for Silicon Valley. “During the second quarter, North San Jose led the Valley with 575,000 [...]

By |2019-07-24T14:23:39-04:00July 24th, 2019|In the News|0 Comments

Silicon Valley’s Office/R&D Markets Off to Slow Start in 2019 but Demand Strong and Large Transactions Coming

Owner Appetite Remains Hearty for Tech-Driven Real Estate SAN JOSE, Calif., April 22, 2019 – Cushman & Wakefield’s latest market reports for Silicon Valley’s Office and R&D sectors revealed a sluggish start to 2019, after having combined for a robust 2.85 million square feet (msf) of occupancy growth in 2018—largely stemming from the office sector. While the office market did continue its growth trend reporting another 269,000 sf of positive net absorption in the first quarter, the R&D sector finished with a negative 265,000 sf, leading to a virtual wash between the two sectors. Notably, both sectors maintain very healthy single-digit vacancies coupled with rent growth, while demand remains strong. “Historically, the early part of the year can start slow in the Silicon Valley commercial real estate market and that is exactly what happened in 2019,” said Julie Leiker, Cushman & Wakefield’s Market Director for Silicon Valley. She added, [...]

By |2019-04-22T12:15:53-04:00April 22nd, 2019|In the News|0 Comments

Multifamily Developer Acquires Church/School Property in Fremont – Cushman & Wakefield Represents Seller

FREMONT, Calif., April 4, 2019 – Cushman & Wakefield announced today that a 2-acre property in Fremont, California, currently a church and school facility, has sold to a Bay Area-based multifamily developer for $8.525 million. The buyer, Roberts Fremont, LP, intends to construct brand new townhomes on the site.  Located at 41354 Roberts Avenue, the property’s current R-3-18 zoning generally permits up to 18 residential units per acre, subject to possible limitations. The property, however, remained unentitled at the time of sale. Cushman & Wakefield’s San Jose sales team, comprising Miki Vierra, Tenny Tsai and Aaron Fritz, represented the seller, Redeemer Church of Silicon Valley, in the disposition. The team’s expertise in selling specialty use real estate, including developable land, schools, and church properties, combined with their strategically targeted marketing approach, generated 14 offers from a variety of highly qualified buyers. This high demand enabled the Church to successfully [...]

By |2019-04-04T19:23:36-04:00April 4th, 2019|In the News|0 Comments

KBS Signs New 76,000-Square-Foot Lease with CDK Global at District 237

SAN JOSE, Calif. (April. 4, 2019) — KBS, based in Newport Beach, California, announced today the signing of a new lease for 76,410 square feet at District 237 in San Jose, California. CDK Global, a leading provider of IT and marketing solutions for automotive retailers, signed the new lease at 250 Holger Way. The properties are owned by KBS Real Estate Investment Trust II. District 237, formerly known as Corporate Technology Centre, is a newly renovated Class A office park comprised of five buildings and offering a total of 415,000 square feet of rentable space. Each property in the office campus, 350, 300, 250, 200 Holger Way and 100 Headquarters Drive offers full frontal views of Highway 237. KBS began exterior renovations at the office park in June of 2018, and the project was fully completed in March of 2019. The new renovations allow for individually dedicated outdoor space, [...]

By |2019-04-25T13:39:26-04:00April 4th, 2019|In the News|0 Comments

Embarcadero Capital Partners Acquires 108,500 SF Value-Add Building in North San Jose

SAN JOSE, Calif., March 7, 2019 – Cushman & Wakefield announced today the firm advised PSAI Realty Partners in the disposition of 2125 O’Nel, a 108,446-square-foot office/R&D building in North San Jose, California. The buyer was Embarcadero Capital Partners, a San Francisco Peninsula-based private real estate investment, management, and development firm. The transaction closed in December 2018. Cushman & Wakefield’s Northern California Capital Markets group consisting of Eric Fox, Steve Hermann, Adam Lasoff, Seth Siegel, and Ryan Venezia represented the seller in the transaction. Erik Hallgrimson of the firm’s San Jose office along with Craig Fordyce of Colliers International provided local market advisory. “2125 O’Nel is a highly functional institutional grade property in the heart of Silicon Valley with exceptional Highway 101 visibility and offering the buyer significant near-term upside,” said Fox, Executive Managing Director. “At the time of sale, the building was 100% leased to a single tenant [...]

By |2019-03-08T11:09:11-04:00March 8th, 2019|In the News|0 Comments

South Bay Development Company Sells New Orchard Corporate Center in North San Jose

SAN JOSE, Calif., March 5, 2019 – Cushman & Wakefield announced today the firm has advised the sale of Orchard Corporate Center, a newly constructed 101,374-square-foot Class A office/R&D campus in North San Jose, California. South Bay Development Company, a Silicon Valley-based commercial real estate development company which constructed the two-building campus completed in 2017, sold the property to a private investor. Both buildings were 100% leased at the time of sale. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann, and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group advised South Bay in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices also provided local market advisory—the duo also negotiated the leases with the current tenants. “Orchard Corporate Center is a strong-performing, high quality asset fully leased to two long-term tech tenants and is surrounded by some of the world’s biggest and [...]

By |2019-03-05T16:34:52-04:00March 5th, 2019|In the News|0 Comments

Oaktree joins Ellis Partners Venture to Bring New Investment to the Pruneyard Office Towers in Silicon Valley

Campbell, CA – Ellis Partners announced today that it completed a transaction for funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to purchase a majority stake in the three-building, 365,000-s.f. Class A office component of the iconic mixed-use Pruneyard complex. Ellis Partners, which purchased the property in 2014 will retain an ownership stake and continue to manage the project. The Pruneyard Office Towers are centrally located in the heart of Silicon Valley’s West Valley submarket with prominent visibility and ease-of-access along Highway 17 and less than a 10-minute walk from downtown Campbell (via a newly improved walkway) as well as the Hamilton VTA light rail station. As part of this West Valley landmark property, the towers are directly adjacent to the recently transformed the 260,000-s.f. Pruneyard Shopping Center and a 169-room Doubletree by Hilton hotels.  The Oaktree transaction provides the new ownership group with fresh capital [...]

By |2019-02-27T15:52:59-04:00February 20th, 2019|In the News|0 Comments

KBS Signs Over 30,000 Square Feet in Leases with Berliner Cohen at Ten Almaden

SAN JOSE, Calif. (Jan. 31, 2019) – KBS, based in Newport Beach, California, announced today the signing of 33,830 square feet in leases at Ten Almaden in San Jose, California. Berliner Cohen, LLP, one of the largest and oldest law firms in San Jose serving the business and regulatory needs of private business and public agencies, renewed their lease at the property. The property is part of the KBS Real Estate Investment Trust III portfolio. Ten Almaden is a 17-story, Class A office tower in downtown San Jose that offers 309,225 square feet of rentable space. Tenants enjoy the building’s numerous amenities, including an outdoor terrace that features a custom fire pit and barbeque, in addition to views of the downtown city skyline. The property is further equipped with a tenant lounge, a fitness center with a pool, spa and locker rooms and a four-level parking garage. Ten [...]

By |2019-02-28T15:52:28-04:00January 31st, 2019|In the News|0 Comments

Paragon Commercial Group Sells Rare Bay Area In-N-Out Burger Ground Lease

SAN JOSE, Calif., January 29, 2019 – Paragon Commercial Group, LLC (Paragon), one of California’s most prolific retail development firms, has completed the sale of a rare In-N-Out Burger ground lease to a private Bay Area buyer for $6.925 million. Paragon began work in 2014 to acquire the former parking lot site from a Lowe’s Home Improvement and concurrently entered into a ground lease with In-N-Out Burger for a single tenant restaurant. The restaurant is currently under construction and is expected to open in Q1 2019. “We are thrilled with the outcome on the sale of this first-class asset and we’re even more excited about the opportunities to come in 2019.  Paragon remains bullish on value-add retail opportunities throughout Northern California and we anticipate acquiring a couple hundred million in Northern California retail assets in the very near term,” said Patrick McGaughey, Paragon’s Northern California Director of Investments. The [...]

By |2019-02-28T15:54:51-04:00January 29th, 2019|In the News|0 Comments