674 W. Maude Sunnyvale, CA
- Purchased in 2012 from a residential developer seeking to repatriate capital.
- 39,000 SF creative office building in an infill Silicon Valley location.
- Project was fully-leased to two tenants with below market rents and short-term lease maturities.
- The project required minimal renovation – strategy to increase rents by 50% upon rollover.
- First renewal completed 3 months after purchase at 10% above pro forma rent.
- 5-year expansion of larger tenant was executed at 30% above pro forma rent.
- Graymark sold this asset in 2014 at a significant profit.