Fully leased Central Technology Park adds 386,707 square feet in epicenter of world's technology sector
LOS ANGELES, May 14, 2019 /PRNewswire/ -- Gemini Rosemont Commercial Real Estate, a leading real estate investment company with holdings of over 8.3 million square feet of commercial office space, has acquired Central Technology Park, a four-building office campus in Santa Clara, Calif.
The acquisition of the $175 million Class A asset adds 368,707 square feet to the company's 36 property office portfolio.
"The addition of Central Technology Park to our portfolio underscores our ongoing investment strategy to acquire Class A office assets in targeted U.S. locations, which include Silicon Valley," said Ian Brownlow, Chief Executive Officer for Gemini Rosemont. "The commitment to the area by the world's technology community coupled with the institutional quality, fully-leased multi-building campus, makes Central Technology Park an extremely attractive investment."
Central Technology Park is located at 3380-3420 Central Expressway and is currently 100 percent leased. Tenants include Cloudinary, Intuitive Surgical, Inc., ThermoFisher Scientific Inc., and Nissan.
The Central Tech campus, built between 1980 and 1987, has recently undergone a renovation of 90 percent of its square footage. The property has superior regional access via US 101, CA-237 and the Central, Lawrence and San Tomas Expressways. The campus is less than a mile from the Lawrence Caltrain station and just 10 minutes away from San Jose International Airport. Additionally, Central Technology park resides within the Lawrence Station Area Plan, which allows for high density residential housing and will transform the area into a live/work/play environment.
Gemini Rosemont's Jason Kuester, Senior Managing Director – Acquisitions, and Jeremy Wustman, Vice President, led the acquisition of the property, while Eastdil Secured, led by Greg Cioth, Managing Director and Nate Jones, Senior Vice President, represented the seller.
About Gemini Rosemont Commercial Real Estate
Gemini Rosemont Commercial Real Estate is a market leader in commercial real estate acquisition and asset management. The company's portfolio totals over 8.3 million square feet with a gross asset value of over $1.5 billion.
Since its inception, Gemini Rosemont has sponsored 170 investment vehicles, deployed approximately $1.2 billion of equity to purchase in excess of $3 billion of assets, and has acquired and/or managed approximately 34 million square feet of commercial real estate.
Through sponsorship from Gemini Investments Holdings, Ltd., an investment company listed on the Hong Kong Stock Exchange, the company has acquired approximately $600 million in Class A office buildings in technology-centric gateway markets representing over 1.3 million square feet.
Founded in 1992, Gemini Rosemont employs 135 real estate and other professionals. The company is headquartered in Los Angeles and has offices located in Dallas, Denver, Houston, New York, Santa Fe, and Seattle. For more information, please visit GeminiRosemont.com or contact Jon Dishell, Chief Business Development Officer, at JDishell@GeminiRosemont.com.
SOURCE Gemini Rosemont Commercial Real Estate