(SUNNYVALE, CALIFORNIA) – Hines, the international real estate firm, announced today it has acquired Oakmead West, a seven-building, multi-tenant campus in the heart of Silicon Valley.
The seven Class A office/R&D buildings totaling 431,095 square feet are situated on 21.62 acres in Sunnyvale, California. Completed in 1998, the Oakmead West campus consists of 920, 935, 940, 945, and 960 Stewart Drive, 490 and 510 DeGuigne Drive.
Oakmead West will undergo capital improvements including tenant interiors, landscaping, signage & wayfinding, and exterior collaboration areas. This investment will further activate the campus to create a sense of community for the tenants.
The property is in one of the most desirable submarkets in Silicon Valley. Located three blocks from the Lawrence Expressway which provides direct access to Highway 101, Interstate 280, Interstate 237 and Highway 85, Oakmead West is also one mile from downtown Sunnyvale and the Downtown Sunnyvale Caltrain Station.
Hines Director Shawn Hardy said, “Oakmead West is an exceptional opportunity to acquire and control a critical mass of multi-tenant office/R&D product on over 20 acres in Sunnyvale and we are pleased to add it to our portfolio.”
Hines Senior Managing Director George Clever added, “We were attracted to this property due to its strong tenancy, excellent access and long-term prospects for this emerging Sunnyvale submarket. The excellent location and exceptional tenant base are a perfect complement to our existing portfolio.”
Oakmead West is currently 96 percent leased to a diverse tenant roster, which includes Trimble Navigation, ShoreTel and AbbVie.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.