ABOUT THE PROPERTYThis high profile state-of-the-art building, built in 1994, sits at the entrance to Shoreline Business Park, one of the top business parks in Silicon Valley. It was purchased vacant from Silicon Graphics Inc. which had owned the building since its completion, and occupied it through October 2000. The building was purchased for $26.3 million; it had been in contract with a REIT for over $55 million only six months earlier. Although market rents had fallen from $80 NNN to $40 NNN, the direct market vacancy rate was only 7% at the time of acquisition, and it was believed the building was well position to be one of the first buildings to lease when market leasing activity resumed. Tenant demand and market rents fell rapidly after the acquisition and the property was sold for $25.6 million to the Computer History Museum, which was attracted to the buildings architecture, image, and location.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Silicon Graphics Inc.
Sold to Computer History Museum
Date Purchased June 2001
Date Sold October 2002
Purchase Price $26,300,000 ($220 psf)
PROPERTY DESCRIPTION
Location Mountain View, CA
Submarket Shoreline Business Park
Property Type Class A R&D/Office
Property Description One 2 story building
Rentable Square Feet 119,281
Year Built 1994