A four-building property located at 3380 Central Expressway in Santa Clara was acquired by Gemini Rosemont, a commercial real estate company this month. The property known as Central Technology Park is an office campus that was built in 1980 and underwent major renovations in recent years. The property is valued at $175 million and has 368,707 square feet of space. The Sobrato Organization had placed the property on the market in February.
“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, CEO 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.”
The acquisition brings Gemini Rosemont’s portfolio of office properties to 36. The tech park is 100 percent leased with tenants such as Cloudinary, Intuitive Surgical, Inc., ThermoFisher Scientific Inc. and Nissan.
In addition to past renovations, a total of $62 million is currently being invested in further renovations of the campus, which should be completed by this year. Included in the scope of work is a virtually full renovation of three of the four buildings (the fourth building is long-term leased and fully occupied by a single tenant) inclusive of all exteriors and interiors, common areas and landscaping.
According to Jon Dishell, Chief Business Development Officer for Gemini Rosemont, the acquisition of Central Technology Park marks the company’s first holding in Silicon Valley proper, though it also owns an asset in Belmont.
“Gemini Rosemont’s acquisition strategy is focused on roughly a dozen select gateway and primary markets, and opportunistically in secondary markets, that appeal to high-growth and tech-centric industries,” Dishell stated.
Regarding any changes ahead under new ownership, Dishell said, “As consistent with all assets in our portfolio, Gemini Rosemont prides itself on its customer service and looking forward to establishing relationships with the current tenants, all of which have long-term leases in place.”