SANTA CLARA, CALIF. — CBRE Global Investors has acquired The Campus @ 3333 – Phase III, a 940,564-square-foot, four-building office campus located at 3333 Scott Blvd. in Santa Clara. Situated within the prestigious Silicon Valley district, the property was acquired on behalf of a joint venture between Korea Post and another undisclosed client.
The sales price and seller were undisclosed, but media outlets are reporting that Menlo Equities and Beacon Capital Partners, co-developers of The Campus, sold Phase III for $610 million.
The newly constructed LEED Silver-certified campus is fully leased to Palo Alto Networks, a cybersecurity firm, and serves as its headquarters.
The property features a dedicated 30,485-square-foot amenity building with a full-service cafeteria, conference center, outdoor amphitheater, dedicated open space, outdoor dining and collaborative meeting space, 200 electric vehicle charging stations, bicycle storage, a grass picnic area and access to a fitness center.
“The San Jose market has experienced broad-based growth primarily driven by the rapid and sustained technology boom in Silicon Valley,” says Gardner Ellner, senior director of Commercial Acquisitions-Americas at CBRE. “As a result, vacancy rates have dramatically declined to the lowest levels since 2000, and tenants are actively moving to submarkets such as Santa Clara because it is among the few remaining markets with large blocks of high-quality functional office space in close proximity to housing and a strong amenity base.”
CBRE Global Investors also acquired The Campus @ 3333-Phase II in June on behalf of a separate undisclosed client.
CBRE Global Investors is a global real asset investment management firm with $98.9 billion in assets under management on a combined pro forma basis as of June 30. The firm is an independently operated affiliate of CBRE Group Inc. (NYSE: CBG).
— Katie Sloan