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472K SF Milpitas Office Campus Acquired, Slated For Modernization

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Embarcadero Capital Partners and PCCP Acquisition
Park Point

Two real estate investment companies have bought a 472K SF Milpitas office campus from Los Angeles-based Hudson Pacific Properties.

Embarcadero Capital Partners and PCCP acquired a 30-acre site that includes the newly renamed Park Point campus for an undisclosed price. The joint venture picked design and architecture firm HOK to lead the development's revitalization as a contemporary, creative workplace, according to a release from brokerage Newmark Knight Frank.

NKF Vice Chairman Jeff Arrillaga and Executive Managing Directors Shawn Kellenberger and Michael Saign are the listing agents for the property, which is near the intersection of Highway 237 and Interstate 880.

“We have a long history of creating transformative corporate headquarters along the 237 Corridor," Embarcadero Capital Partners principal Carol Donnelly said in a statement. "We believe this campus is one of the best large blocks of space immediately available in Silicon Valley at an incredibly competitive price point.”

Average monthly Class-A office asking rents in Milpitas were $3.60 per SF in Q2, less than the $4.97 average for all of Silicon Valley, according to research from Cushman & Wakefield. 

NKF will market the campus, which includes 115-155 North McCarthy Blvd., as one of the few remaining high-quality headquarters facilities available in Silicon Valley.