Company to Invest in Capital Improvements to Upgrade Building to
Meet Multi-Tenant Demand
Newport Beach and Santa Clara, Calif. (May 8, 2017) – Buchanan Street Partners announces the acquisition of the Bayland Building, an office project located nearby Levi’s Stadium in Santa Clara, California. Buchanan Street purchased the building from Sleepy Hollow Investment Company for $32.3 million and will execute capital improvements to align the building with the growing live-work-play lifestyle in the area.
“This project was an attractive investment because of its strong in‑place tenancy, discount to replacement cost and the potential to meet multi‑tenant office demand at competitive rates,” said Robert Dougherty, partner at Buchanan Street Partners. “Bayland is well positioned to benefit from its proximity to the stadium and from future mixed-use developments planned in the area, including Related Company’s planned hotel, retail and residential project.”
The 116,000-square-foot building is 100 percent leased to four tenants led by Inphi Corporation (NYSE: IPHI). Bayland is located at 2953 Bunker Hill Lane and features structured parking for tenants. The building is within walking distance to the Santa Clara Convention Center, Levi’s Stadium and a light-rail station. Bayland is located along the Great America Parkway corridor providing convenient access to the Southbay Freeway (CA-237), Bayshore Freeway (US‑101) and Lawrence Expressway.
“Santa Clara is home to the highest number of blue-chip tech tenants in Silicon Valley, making it an attractive location for small and mid-sized firms that serve those businesses,” said Dougherty. “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.”
Buchanan Street will invest meaningful capital into Bayland to elevate the asset’s profile and tenant appeal. Plans include modernizing the building systems, updating common areas and increasing on-site amenities to attract and retain Silicon Valley’s innovative workforce.
Eastdil Secured’s San Jose team represented the seller in this transaction. Buchanan Street represented 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.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has invested more than $6 billion in both real estate debt and equity investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.www.buchananstreet.com.
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