(SANTA CLARA, CA) – Hines, the international real estate firm, announced today that along with a subsidiary of real estate funds managed by Oaktree Capital Management, L.P. (“Oaktree”), it has acquired Santa Clara Towers, a 445,000-square-foot property comprised of twin 11-story Class A office towers in Santa Clara, California.
Tower l (3945 Freedom Circle) was built in 1985 and includes a helicopter landing pad on the roof. Tower ll (3965 Freedom Circle) was built in 1998. Both buildings are LEED® Gold and have earned the ENERGY STAR® label. The Towers feature unobstructed views of the surrounding area and prominent identity with significant visibility from US Highway 101.
The complex features mature landscaping, expansive hardscape and a water feature. Interior amenities include a fitness center with exercise machines and activity rooms, a heated swimming pool, whirlpool spa, and locker rooms with showers.
Prominently located along Highway 101 in the Golden Triangle submarket of Santa Clara, Santa Clara Towers offers convenient access to Route 237 and Interstate 880 and is in close proximity to major hotels, universities and San Jose International Airport.
Hines and Oaktree will pursue a significant capital upgrade program to reposition the complex, including building a brand-new amenity center with conference facilities, bike lockers, showers, outdoor collaborative space, and additional tenant improvements. This will allow Hines and Oaktree to offer tenants significant value for their rent and a meaningfully improved built environment in which to work.
Hines Senior Managing Director George Clever said, “We are pleased to add Santa Clara Towers to our growing portfolio. Given the quality of the location and the solid market fundamentals, we believe this is a strategic acquisition for our portfolio.”
Oaktree Managing Director Ambrose Fisher commented, “We are pleased to acquire this office property where we have the ability to provide a compelling value proposition to our tenants.”
Oaktree is a leader among global investment managers specializing in alternative investments, with $125 billion in assets under management as of December 31, 2019. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 950 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at oaktreecapital.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 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.
