Rubicon Acquires Four-Building HQ Campus in Silicon Valley
A subsidiary of Johnson & Johnson occupies the entire property.
Rubicon Point Partners has acquired a 201,078-square-foot, four-building campus in Santa Clara, Calif. The nearly 13-acre R&D site is fully triple-net leased to Shockwave Medical, a subsidiary of Johnson & Johnson, and serves as the company’s headquarters. An acquisition price was not disclosed.
The acquisition was funded through the Rubicon Point Fund II. The deal is part of the firm’s broader billion-dollar investment strategy in the region over the next several years, which will target assets with strong tenants in technology and innovation industries.
The properties included in the sale are at 5303, 5353 and 5403 Betsy Ross Drive, along with 3003 Bunker Hill Lane. Across the entire site, there are 762 parking spaces. Shockwave expanded at the property in 2020 when it leased 50,200 square feet at 5353 Betsy Ross Drive.
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TG USA Development previously owned 5303, 5353 and 5403 Betsy Ross Drive, according to Yardi Matrix. The company purchased the assets in 2017. In July 2025, the Industrial and Commercial Bank of China provided the properties with a $22 million loan, the same source shows.
Shockwave Medical uses the campus as its global headquarters and primary R&D hub. The firm specializes in intravascular lithotripsy, a minimally invasive treatment for calcified cardiovascular disease.
The company’s lease is set to expire in December 2031, according to CBRE National Office Partners, which also acted as the exclusive advisor in the transaction.
San Jose is approximately 8 miles away from the campus, which also has access to Route 101. San Jose Mineta International Airport is six miles, away while San Francisco is about 42 miles North.
Bay Area’s R&D attracts investors
Flex office buildings in the larger Bay Area, similar to Shockwave’s headquarters, have shown investor interest over the last year. For example, in July 2025, Kilroy Realty sold Mathilda Campus, its three-building office and R&D complex in Sunnyvale, Calif., for $365 million.
Last May, NVIDIA expanded in Silicon Valley when it purchased the Santa Clara Commerce Park, a 251,000-square-foot flex office campus. The company acquired the asset from Link Logistics for $123 million. The property features office, R&D and warehouse space.
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