homesmillbrae.com » Critical Mass http://homesmillbrae.com Thu, 20 Oct 2022 03:48:43 +0000 en hourly 1 http://wordpress.org/?v=3.1 Silicon Valley: Commercial real estate mega-deal by Canadian and American … http://homesmillbrae.com/2088/silicon-valley-commercial-real-estate-mega-deal-by-canadian-and-american/ http://homesmillbrae.com/2088/silicon-valley-commercial-real-estate-mega-deal-by-canadian-and-american/#comments Thu, 21 Mar 2013 23:45:48 +0000 http://homesmillbrae.com/2088/silicon-valley-commercial-real-estate-mega-deal-by-canadian-and-american/ Continue reading →]]>

SAN JOSE — In an $800 million deal, a group of American and Canadian investors have bought 73 Silicon Valley office and research buildings, which they plan to extensively renovate.

Together, the buildings represent space equal to six regional shopping malls. The buyers are Canada-based Ivanhoe Cambridge, San Francisco-based real estate company DivcoWest and Texas-based realty investment firm TPG Real Estate.

The three companies bought the 73 buildings at the end of 2012 from Mission West Properties, a firm headed by veteran developer Carl Berg.

DivcoWest, TPG, Ivanhoe and Berg wouldn’t discuss the specifics of the deal Wednesday and didn’t provide the locations of the buildings. However, people with direct knowledge of the deal say the buildings are in prime locations in North San Jose, Sunnyvale, Mountain View, Santa Clara and Fremont. Some buildings are in South San Jose.

TPG and DivcoWest, in addition to paying $400 million in cash for the buildings, assumed $400 million in debt, according to a person with knowledge of the deal.

“This investment enables us to acquire a critical mass of assets in a rental market that is seeing one of the best growth rates in the United States,” Bill Tresham, president of global investments with Ivanhoe Cambridge, said in a prepared release.

Leasing activity has been brisk the past two years in Silicon Valley, with the charge led by major expansions of Cupertino-based

Article source: http://www.insidebayarea.com/real-estate/ci_22831654/canadian-and-american-realty-investors-pay-more-than

]]> http://homesmillbrae.com/2088/silicon-valley-commercial-real-estate-mega-deal-by-canadian-and-american/feed/ 0 Digital Realty Buys Data Center for $85M http://homesmillbrae.com/1192/digital-realty-buys-data-center-for-85m/ http://homesmillbrae.com/1192/digital-realty-buys-data-center-for-85m/#comments Thu, 05 Jan 2012 16:45:20 +0000 http://homesmillbrae.com/1192/digital-realty-buys-data-center-for-85m/ Continue reading →]]> e0eab printer icon Digital Realty Buys Data Center for $85MPrint
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3ac8f sf spear Digital Realty Buys Data Center for $85M

New data center for Digital
Realty: 360 Spear, San Francisco

SAN FRANCISCO-Digital Realty Trust Inc. has paid $85 million for a 155,000-square-foot data center in downtown San Francisco. The announcement of the Bay Area deal coincides with the purchase of a similar building in Atlanta, near the Hartsfield-Jackson Atlanta International Airport, for $63 million.

Digital Realty’s new San Francisco building has at least one obvious appeal to the publicly-traded real estate company: The data center, which is a fully leased, multi-tenant building, sits back-to-backwith the company’s existing “server farm” at 365 Main St.

The purchase gives the company a greater “critical mass” in telecommunications and colocator space in San Francisco, according to Digital Realty vice president Pamela Garibaldi. With the purchase of 360 Spear, the company currently has three telecom properties in the city, including 200 Paul. “There’s very limited data center space in San Francico,” she adds.

Although the Spear Street facility is fully leased, “there is the potential for us to convert some of the space for our growing colocation business,” Garibaldi says.

Digital Realty invests primarily in data centers, which provide space for Internet and telecommunications equipment. Typical tenants include information technology companies, Internet-related businesses, manufacturing firms and financial service firms, according to the company.

With the exception of three properties owned in joint ventures, Digital Realty currently owns 100 properties comprised of 17.9 million square feet. This also includes 2.1 million square feet for redevelopment. The company’s property holdings are located in Australia, Europe, North America and Singapore.  

Categories:

West,
Industrial,
Acquisitions/Dispositions,
San Francisco

Article source: http://www.globest.com/news/12_257/sanfrancisco/industrial/Digital-Realty-Buys-Data-Center-for-85M-317085.html

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