555 E. California/209 N. Fair Oaks Sunnyvale, CA
- 85,000 SF 2 property Office/R&D project located in an infill market, purchased in 2014.
- The project was 23% leased to one tenant.
- Purchased at an attractive basis in a strong submarket.
- Seller was former user of the asset and had recently spent $1.3MM on renovations.
- We completed an exterior renovation of office building and added a new lobby and freshened interior of the vacant R&D building.
- Strategy was to extend and expand existing R&D tenant and lease vacant space.
- Extended existing tenant for 5 years and signed 18,000 SF tenant, at 17% above proforma.
- Project is now substantially leased and well-positioned for sale.
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