Buchanan Street Partners just bought the 100% leased 116K SF Bayland Building for $32M in Santa Clara. Sleepy Hollow Investment Co., which has been selling off its Bay Area portfolio, was the seller.

Buchanan Street will renovate the building to align it with the live/work/play lifestyle in the area. Plans include modernizing the building systems, updating common areas and increasing on-site amenities to attract and retain Silicon Valley’s innovative workforce.

“Santa Clara is home to the highest number of blue-chip tech tenants in Silicon Valley, making it an attractive location for small and midsized firms that serve those businesses,” Buchanan Street partner Robert Dougherty said. “With the limited supply of well-located, multi-tenant office product in the region, we anticipate robust demand at Bayland over the next few years.”

The building at 2953 Bunker Hill Lane contains four tenants led by Inphi Corp. It is close to Levi’s Stadium, the Santa Clara Convention Center and a light-rail station as well as several freeways and mixed-use developments, including Related Co.’s planned hotel, residential and retail project.

Eastdil Secured’s San Jose team repped the seller, and Buchanan Street repped itself. Buchanan Street continues to seek investments in value-add and core-plus assets throughout the Bay Area and select markets in the Western region.