{"id":1004111943,"date":"2015-01-26T07:35:47","date_gmt":"2015-01-26T15:35:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004111943"},"modified":"2022-12-09T00:14:43","modified_gmt":"2022-12-09T08:14:43","slug":"irvine-co-pays-legacy-partners-pretty-penny-silicon-valley-office-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/irvine-co-pays-legacy-partners-pretty-penny-silicon-valley-office-park\/","title":{"rendered":"Irvine Co. Pays Legacy Partners Pretty Penny for Silicon Valley Office Park"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004111944\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/irvine-co-pays-legacy-partners-pretty-penny-silicon-valley-office-park\/irvine\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg\" data-orig-size=\"800,548\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;13&quot;,&quot;credit&quot;:&quot;Jeff Peters - Vantage Point Photography Inc.&quot;,&quot;camera&quot;:&quot;NIKON D810&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1396509901&quot;,&quot;copyright&quot;:&quot;\\u00a9 2014  Jeff Peters -  Vantage Point Photography Inc.&quot;,&quot;focal_length&quot;:&quot;14&quot;,&quot;iso&quot;:&quot;64&quot;,&quot;shutter_speed&quot;:&quot;0.4&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Irvine\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg?w=800\" class=\"alignright size-medium wp-image-1004111944\" alt=\"Irvine\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg\" width=\"300\" height=\"205\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg?resize=300,206 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg?resize=768,526 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/i><\/p>\n<p>The Irvine Co. has purchased Tech Park at Freedom Circle, a 12-building, Class A office and R&amp;D park totaling 427,873 square feet in Santa Clara, Calif., it was announced Thursday by HFF, which had represented Legacy Partners, the seller.<\/p>\n<p>Legacy Partners had purchased the asset in a joint venture with AllianceBernstein\u2019s Real Estate Group in 2013.<\/p>\n<p>The transaction closed Jan. 9, an Irvine Co. spokesperson told <i>Commercial Property Executive<\/i>. The company declined to disclose how the $136.5 million acquisition was financed.<\/p>\n<p>The park\u2019s 12 one- and two-story, steel-reinforced buildings are sited on 25.74 acres at 2518\u20132560 Mission College Blvd. and 3900\u20133990 Freedom Circle at the intersection of Highway 101 and Great America Parkway.<\/p>\n<p>The property is 95 percent leased to 28 tenants in the telecommunications, hardware manufacturing, software, networking, publishing and biotechnology\/life sciences sectors, including Samsung Research America, Netflix and electronic textbook publisher Chegg.<\/p>\n<p>Amenities at Tech Park at Freedom Circle include an outdoor bocce court, outdoor meeting areas, an on-site caf\u00e9 with corporate catering and electric vehicle charging stations. The property is within walking distance of Santa Clara Valley Transportation Authority bus service for easy connection to light rail.<\/p>\n<p>The HFF team that represented the seller included senior managing director and co-head of HFF\u2019s San Francisco office Steven Golubchik and senior managing director and co-head of both the San Francisco office and HFF\u2019s national office investment sales platform Michael Leggett. Directors John Simerlein and Ben Bullock and senior analyst Josh DiSalle also assisted with the deal.<\/p>\n<p>\u201cThis sale is a win\/win for both sides,\u201d Steve Dunn, Legacy Partners senior managing director, said in a release. \u201cWith our strong local team in place, Legacy capitalized on market momentum, successfully and swiftly executing a project upgrade and strategic leasing plan well ahead of schedule.\u201d<\/p>\n<p>\u201cWe are seeing strong demand across our Silicon Valley portfolio driven by the strength of the region\u2019s innovation economy,\u201d Hanns Lee, regional senior vice president overseeing Irvine\u2019s Northern California office portfolio, told <i>CPE<\/i>. \u201cSanta Clara is one of Silicon Valley\u2019s most attractive workplace locations, with net absorption of 1.16 million square feet in 2014.\u201d<\/p>\n<p>The Irvine Co. recently completed Santa Clara Gateway, a 911,000-square-foot, six-building office campus at Great America Parkway and California 237. The project is 70 percent occupied and has attracted tenants including Dell, Square, Arista Networks and GlobalFoundries.<\/p>\n<p>In addition, Irvine is building the first phase of offices at Santa Clara Square, a 1.8 million-square-foot office campus where Ericsson will locate its Silicon Valley operations starting later this year.<\/p>\n<p>Overall, the company\u2019s holdings in Silicon Valley include eight apartment communities with more than 7,000 units, 4 million square feet of office space, the 58,320-square-foot Cherry Orchard Shopping Center in Sunnyvale, and a 95-slip marina on San Francisco Bay in Redwood City.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Irvine Co. has taken Tech Park at Freedom Circle in Santa Clara, Calif., off the hands of Legacy Partners, which the seller called a &#8220;win-win for both sides.&#8221;<\/p>\n","protected":false},"author":882,"featured_media":1004111944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,15],"tags":[],"class_list":["post-1004111943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Irvine Co. 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Pays Legacy Partners Pretty Penny for Silicon Valley Office Park\" \/>\n<meta property=\"og:description\" content=\"The Irvine Co. has taken Tech Park at Freedom Circle in Santa Clara, Calif., off the hands of Legacy Partners, which the seller called a &quot;win-win for both sides.&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/irvine-co-pays-legacy-partners-pretty-penny-silicon-valley-office-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-01-26T15:35:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:14:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Irvine.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irvine-co-pays-legacy-partners-pretty-penny-silicon-valley-office-park\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/irvine-co-pays-legacy-partners-pretty-penny-silicon-valley-office-park\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Irvine Co. 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