Clarion Partners is purchasing the 450k SF first phase of 3333 Scott Blvd in Santa Clara for $299.2M ($665/SF).
Clarion has put down a $40M non-refundable deposit, though the deal has not yet closed. A JV of Menlo Equities and Boston-based Beacon Capital Partners own the property, reports The Registry. The high sales price is more in line with Sunnyvale than Santa Clara properties.
The building is the first of three planned for the site. It is fully leased to tenants including Palo Alto Networks and Hitachi. The second office building under construction is fully leased to Hewlett-Packard and should be completed by the end of next year. The third building is in pre-development, but already leased to Palo Alto Networks. [TR]
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