ABOUT THE PROPERTY
This project was 50% leased to Heartport when ZKS and
Carlyle entered into a forward purchase agreement to acquire Woodside
Tech Centre (which was under construction) upon completion. The purchase
agreement was later converted to a purchase option, and the remaining
vacant space was leased to NEC, Kana Construction, Improvenet and Ceon
during the option period. The option agreement was sold to a venture
between Hines Interests and California Public Employees Retirement System
based on a gross building price of $71 million. The realized IRR of this
investment was 62%.
INVESTMENT DATA
Capital Partner The Carlyle Group
Purchased From Nicholson Company
Sold to Hines/CALPERS
Date Purchased December 1998
Date Sold March 2000
Purchase Price $60,000,000 ($236 psf)
PROPERTY DESCRIPTION
Location Redwood City, CA
Property Type Office
Property Description Three two-story buildings
Rentable Square Feet 254,696
Year Built 1998