Investors Pay $610M For Santa Clara Offices
CBRE Global Investors will invest $610M for three offices in Silicon Valley on behalf of various investors, including the California State Teachers’ Retirement System. The buildings at 3333 Scott Blvd. in Santa Clara are part of Menlo Equities and Beacon Capital Partners’ large project The Campus at 3333, IPE Real Estate reports. The deal is expected to close in September.
Phase 3 contains 940K SF leased to Palo Alto Networks for 11 years. CBRE Global Investors and CalSTRS acquired Phase 2 in June for $162.5M. The 250K SF building is leased to Hewlett Packard Enterprises for 11 years.
Clarion Partners purchased Phase 1 of the complex on behalf of the Oregon Public Employees Retirement Fund in 2015. Once the latest deal closes, Menlo Enterprises and Beacon Capital will have sold all of their assets at 3333 Scott Blvd. for $1.1B.