Bay Area Office Campus Trades for $207M
Almost a decade ago, Clarion Partners paid more than $305 million for the three-building property.
A joint venture between Ellis Partners and hedge fund Baupost Group has acquired The Campus at Scott, an office and tech complex in Santa Clara, Calif., for $207 million, SiliconValley first reported. The three-building property totals more than 460,000 square feet and was 84 percent occupied at the time of the sale.
Clarion Partners previously owned the asset, according to Yardi Research Data. The company purchased it from Menlo Equities in late 2015 for $305.1 million.
Located at 3315, 3325 and 3355 Scott Blvd., the campus is close to Highway 101 and less than 6 miles from San Jose Mineta International Airport. Downtown San Jose, Calif., is 8 miles southeast.
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The three buildings range between 152,294 and 157,729 square feet and are LEED Silver certified. Each rising four stories, the facilities feature floorplates varying from 35,000 to 41,000 square feet, and three passenger elevators.
The Campus at Scott came online in 2014 as the first phase of a larger development. At full buildout, the campus is set to total 1.3 million square feet. Completed amenities include a fitness center, cafeteria, large outdoor dining plaza and two bocce ball courts.
Bay Area office sales lead nationally
The Bay Area is leading the nation in office investment volume year-to-date as of July, with $3.4 billion in total sales, according to the latest Yardi Matrix office report. Assets in the metro traded for $372 per square foot on average, more than double the $182 national threshold.
Last month, Kilroy Realty agreed to sell the three-building Mathilda Campus in Sunnyvale, Calif., for $365 million. A month earlier, Apple acquired two office buildings in the same city for $350 million. The giant was already leasing the 382,500-square-foot campus.
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